SEC Delays Decision on Proposed Bitwise ETF

The U.S. Securities and Exchange Commission this week announced a delay in its decision on a proposed rule change that would allow Bitcoin exchange-traded funds to be listed. The decision means that the SEC now has until May 16 to approve or deny the change:

The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates May 16, 2019 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRNYSEArca-2019-01)

The proposed rule change had been published in the Federal Register on February 15, and open for public comment. According to the SEC’s statement, regulators had received 21 comment letters from the public.

The delay is in accordance with provisions of the Securities and Exchange Act, which require the commission to either approve, reject, or start proceedings to rule on proposed rule changes within 45 days of any rule change notice filing or extend the time period for the decision.

The rule change under consideration would permit NYSE Arca to list the proposed Bitwise Bitcoin ETF. The two entities announced their plans for the proposed Bitcoin ETFs in January.