The US Securities and Exchange Commission (SEC) must approve or disapprove at least two Bitcoin exchange-traded funds (ETFs) this October.
2-Month Countdown To Bitcoin ETF Decision
In filings released August 12, the SEC chose to postpone final judgement on three ETFs it is currently considering.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” a summary common to all three filings reads.
An ETF refers to a kind of financial instrument for institutional investors to gain exposure to the price of Bitcoin. So far, the SEC has refused to allow an ETF to market over various regulatory concerns, while officials have informally stated they would be open to a Bitcoin or even Ethereum-based product.
The process to get an ETF to market began back in March 2017, when the crypto industry saw its first rejection from the SEC. Since then, proposals have been withdrawn and reformulated several times, with VanEck/SolidX most recently filing again in February.
According to the law, the SEC has a maximum of 240 days from the date of application to give a definitive answer as to whether it can legally operate in the US.
As such, VanEck will find out if it will finally get its product around the regulator on October 18, while Bitwise will be notified five days earlier on October 13.
Wilshire Phoenix, having applied later, will get its next update on whether the process will see a further delay at the end of September.