It has been announced by the SEC that determinations relating to five bitcoin exchange traded funds (ETFs), filed by the NYSE Arca have been delayed until the 21st of September, 2018.
According to a document made available from the Federal Register, it is stated 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 also states that the delay is necessary so as to have “sufficient time to consider this proposed rule change.”
Following the Chicago Board Options Exchange (CBOE)’s filing for an ETF supposed to be backed by BTC, there has been heightened public interest in bitcoin ETFs in recent weeks.
Media reports recently quoted an anonymous source supposedly within the US Commodity Futures Trading Commission saying that it is 90% likely that the CBOE’s ETF is approved.
Another source, apparently from the SEC, was also quoted saying: “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.”
On January 4th, 2018, NYSE Arca filed for its proposed ETFs. It was made available for public scrutiny on the 24th. The SEC had also previously extended the determination period for the proposed ETFs to March 1st, however only two comments were received by the SEC regarding the ETF application by NYSE Arca.