December 07, 2018
by Timothy Peterson

 

The SEC extends review period for VanEck and SolidX ETF to February 27, 2019

The SEC announced today that it has extended the review period to until Feb. 27, 2019 for a proposed rule change that, if approved, would allow the first bitcoin exchange-traded fund (ETF) to be listed. The original proposal was submitted by money manager VanEck, which seeks to market the ETF, and SolidX, the fintech firm seeking to act as sponsor. If approved, the ETF would be listed on the CBOE BZX Equities Exchange. This is the latest in a series of delays and outright rejections by the regulator of similar proposals. In August, the SEC rejected multiple proposals to list bitcoin-based ETFs after similarly extending the review period for those proposals.

VanEck and SolidX initially filed the proposed rule change on June 20, 2018. The SEC stated in its release today that, to date, it has received over 1,600 comments on the proposal.

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Blockchain technology utilizes a distributed digital ledger to record and track information, and can be leveraged to gain transparency and certainty in transactions ranging from cryptocurrency to supply chain tracking.  This blog provides information on the legal developments surrounding implementation of blockchain technology, with an initial focus on the financial services sector.