SEC punts on decision for VanEck's bitcoin ETF filing until at least June
April 28, 2021, 11:45AM EDT
1 min read
The Securities and Exchange Commission (SEC) is delaying its decision on VanEck and Cboe's application to list a bitcoin exchange-traded fund. The SEC published an order today extending its 45-day decision window to 90 days.
VanEck filed this latest S-1 in December of 2020. By March 1, exchange Cboe filed the necessary 19b-4 to list the proposed product, formally attaching itself and putting the SEC on the 45-day clock.
The SEC has now given itself an additional 45 days to consider the proposal. The order designates June 17, 2021 as the decision deadline, though this window could be extended further to encompass a 240-day decision period.
"Accordingly, pursuant to Section 19(b)(2) of the Act, the Commission designates June 17, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change," said the order.
The securities regulator has extended on other proposals in the past. In the case of VanEck, even if the SEC punts the decision as far down the line as possible, final approval or rejection must come before the end of this year.
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