Decision on Bitcoin ETF put off again by SEC

Regulator delayed verdict on two applications until October

Aug 13, 2019 @ 8:34 am

By Bloomberg News

The Securities and Exchange Commission again delayed a decision on approving two Bitcoin exchange-traded funds, dealing another blow to those in the cryptocurrencies community holding on to the belief that a favorable decision was imminent.

The regulator postponed until October a ruling on whether listing rules can change to allow the two funds to start trading. Decisions on both the Bitwise Bitcoin ETF Trust and the VanEck SolidX Bitcoin Trust have been repeatedly pushed back.

Bitcoin was weaker much of the day ahead of the decision and closed down about 3.8% to $11,418 on Monday in New York.

Representatives for Bitwise didn't immediately return requests for comment. The SEC also did not return requests for comment.

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Other applications for approval — at one point there were more than 25 requests — have also been delayed. The SEC has also rejected an exchange's request last year to list a Bitcoin ETF backed by Tyler and Cameron Winklevoss.

The head of the commission has said previously that concern over a lack of investor protections makes it unlikely his agency will approve a Bitcoin ETF anytime soon. The chairman, Jay Clayton, said he remains worried about theft and manipulation on exchanges.

(More: Crypto tax avoiders face IRS roulette: Confess, or try to hide)

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