The U.S. Securities and Exchange Commission wants more comment from the public, and more time to make a decision, on a proposed bitcoin (BTC) exchange-traded fund.
In an order “instituting proceedings to determine whether to approve or disapprove a proposed rule change” filed by Cboe BZX Exchange, the SEC delayed any action until comments have been received by Oct. 29. If approved, Cboe would have the green light to list a bitcoin ETF pitched earlier this year by money management firm VanEck and crypto startup SolidX.
“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved,” SEC secretary Brent Fields said, as quoted by CoinDesk.
The SEC has rejected 10 bitcoin ETFs so far this year.
For the proposed ETF, VanEck and SolidX would create a bitcoin trust, in which SolidX would list shares. The SEC has already received plenty of comments – more than 1,400 – on the VanEck/SolidX ETF.