Once again, the United States Securities and Exchange Commission (SEC) decided to postpone the opinion regarding the financial product of Bitwise (Bitwise Bitcoin ETF), which was requested to be traded on the New York Stock Exchange Arca (NYSE), a subsidiary of Intercontinental Exchange. The news was disclosed through the Bitcoin Portal.
To justify the postponement, SEC argued that there was a request in May 07, day in which the stock market filed an amendment that changes the proposed rule. Thus, the Agency stated that will need more five weeks to make comments and provide some feedback.
The proposal of Bitwise is that the new ETF bitcoin product could track the BTC stock market index. The company believes they can provide to SEC the kind of information and data that the Agency indicated as necessary to fully assess the ETFs bitcoin.
With that, Bitwise already sums a rejection and two postponements by SEC. The extension granted by SEC left many market players frustrated, especially the fund managers who had also filed regulatory proposals in the Agency. It´s the case of Cboe, which formed the BZX Exchange product through VanEck and SolidX.
Also in May, SEC established a process to analyze the proposal of a rule that would allow the VanEck SolidX Bitcoin Trust to issue and list their shares. According to the document, the Agency requested comments from the public.
These comments should be delivered with a deadline of 21 days from the publication of the application in the Federal Registry. The rebuttals to these comments must be made within 35 days after this publication.
So far, the SEC has not yet approved any ETF Bitcoin. As in the past, the Agency fears for market manipulation, liquidity and financial crimes. These and other questions supported the non-acceptances report, which came accompanied by a speech of caution.
Thus, the institution is seeking to hear opinions of stakeholders in the market on these issues. The discussion includes the impact of the trading volume and the risk of manipulation in futures bitcoins contracts.
Indeed, SEC continues to postpone any decision on the approval of any ETF Bitcoins. Still, the outlook remains positive. For the cryptocurrencies market experts, the legalization is only a matter of time.