SEC Postpones Deliberations on NYSE Arca Bitcoin ETFs
The United States Securities and Exchange Commission (SEC) has delayed deliberations on five bitcoin exchange traded funds (ETFs) that were filed with the SEC by NYSE Arca, Inc.
SEC Consideration of NYSE Arca Bitcoin ETFs Postponed
The SEC has announced that will delay determinations pertaining to five bitcoin ETFs filed for by NYSE Arca until the 21st of September, 2018.
A document made available from the Federal Register states that the commission will designate “a longer period for commission action on proceedings to determine whether to approve or disapprove a proposed rule change relating to listing and trading of the Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares and Direxion Daily Bitcoin 2X Bear Shares under NYSE Arca Rule 8.200-E.”
The document states that the delay is required in order to provide “sufficient time to consider this proposed rule change.”
Interest in Bitcoin ETFs Peaks
Public interest in bitcoin ETFs has grown significantly in recent weeks following Chicago Board Options Exchange (CBOE)’s filing for an ETF that will be backed by BTC.
In recent days, media have quoted an anonymous source purportedly from the United States Commodity Futures Trading Commission who reportedly estimated that it is “90%” likely that CBOE’s ETF will be approved. An additional source, purportedly from the SEC, is quoted as stating: “I would expect a positive outcome in September – or if it gets strung out a little further it is simply a few ‘dotted i’s and crossed t’s’ are being finalized on larger regulatory language in the crypto space.”
NYSE Arca filed for its proposed ETFs on January 4th, 2018, and was made available for public comment on the 24th. The SEC also previously extended the period for determination regarding its proposed ETFs on March 1st. The SEC only received two comments pertaining to NYSE Arca’s ETF applications.
Do you think that NYSE Arca’s proposed bitcoin ETFs will be approved? Share your thoughts in the comments section below!
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