A proposal for rule change was filed by Cboe BZX exchange to SEC regarding Vaneck Solidx Bitcoin ETF. However, by press time Vaneck had already resolved all concerns which caused its rejection last year.
Vaneck Solidx Bitcoin ETF Given more time
The U.S Security and Exchange Commission announced on Tuesday that it extending the time it requires to decide on the proposed rule. Thus to get change that allows Solidx Bitcoin shares to be traded and listed. The shares that are issued by Vaneck Solidx Bitcoin Trust was challenged by Cboe BZX exchange to SEC. However in a proposed rule change published in the Federal Register on July 2.
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According to the SEC, the Vaneck Solidx Bitcoin ETF have received a lot of attention from the crypto community with over 1,300 comments. However, it is already lodged regarding the proposed rule of change by August 6.2018. SEC further stated that the Securities Exchange Act provides that within 45 days of the publication in the Federal Register. Therefore it is a long period of time may be assigned.
Security and Exchange Commission explained;
“The Commission is extending this 45-day time period. The Commission finds that it is 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”.
In this regard, SEC proposed September 30, 2018, as the date by which the commission shall make a final decision regarding the proposed rule of change. Importantly, the Exchange act still allows the commission to extend the deadline for its final verdict to 240 days. Since from the date of publication in the federal register.
Major Issues that Caused Last Year’s Rejection already Handled
In March 2017, the commission rejected a proposed rule change filed by NYSE Arca to list and trade Solidx bitcoin trust shares on its platform. According to a document published on the SEC website date August 1. 2018, details of a meeting the day before between SEC, Van Eck Securities Corporation, Solidx management LLC and Cboe BZX Exchange Inc. is in record.
The document explains a presentation from Solidx Management and Van Eck Securities to SEC stating the reasons why the commission should approve the proposed rule change. Major concerns SEC had in March regarding the bitcoin ETF were all addressed in the presentation.
Do you think SEC should approve the proposed rule change that will see Vaneck SolidX Shares direct publicly traded?
Image Source: Vaneck Solidx