SEC Decisions for ETFs Expected in Next Two Months
The U.S. Securities and Exchange Commission (SEC) delayed a decision on a proposed rule change from the Cboe BZX Exchange that, if approved, would allow for the listing of an ETF backed by blockchain startup SolidX and investment firm VanEck. The SolidX-VanEck proposal – first put forward in June – is just one of four filings in waiting. Combined with past submissions from firms ProShares, Direxion and GraniteShares, a total of 10 bitcoin-related funds are being weighed by SEC officials, according to public records, although the VanEck/SolidX bitcoin ETF is the only physical ETF among all the proposals.
Those deadlines are set by the time at which the proposals are published in the U.S. Federal Register, with an initial decision due 45 days after that time. The agency can then defer those decisions to as many as 240 days following publication in the Register. The deadline for a decision on two funds from ProShares is August 23, 2018. September 2018 will contain deadlines for bitcoin ETFs, starting on September 15, 2018, the date by which a decision will be issued by two funds by GraniteShares, which funds were initially proposed on January 5, 2018. The deadline for Direxion’s four funds is September 21, 2018, after being first submitted on January 4, 2018. The SEC deferred its decision on the SolidX-VanEck proposal to September 30, 2018 ; and additional extensions may occur deferring a final decision deadline till late February 2019.
Contributed by Magdalena A K Muir
Source
https://www.coindesk.com/the-