- Bitwise BTC ETF proposal delay by 90 days.
- VanECK 45-days window expire on May 21; possible extension looms.
- SEC’s new “crypto specialist to help formulate a “comprehensive plan” to address cryptocurrency.
The Securities and Exchange Commission (SEC) in the United States announced on March 30 that it was delaying the Bitcoin exchange-traded fund (ETF) proposal submitted by Bitwise and VanECK. The move has sparked new uncertainties in a market the continues to trend sideways.
Bitwise filed its application with NYSE Arca on February 15 hoping that the regulatory authority, the SEC will give a verdict within 45 days, precisely before April 1. However, the proposal hit a snag last Friday following the postponement, the SEC now has an additional 90 days to make its decision.
Apart from Bitwise application, SEC also reviewed an earlier proposal that was filed by VanECK and SolidX in collaboration with CBOE BZX Exchange. However, its 45 days’ window end on May 21. It is likely that the proposal will be pushed forward by another 90-day window. Investors and experts in the industry are hopeful that a BTC ETF will be approved before the end of 2019, although no one knows for sure.
In other news, the SEC is currently seeking to add to its team a “crypto specialist” attorney advisor. According to Coindesk, a job posting appeared on USAJobs in the SEC’s Division of Trading and Markets. The authority hopes that the individual will help them formulate a “comprehensive plan” to address cryptocurrency and digital securities.
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