The U.S. Per an official document published by the agency, the new deadline to reassess the VanEck proposal was shifted to February 27, 2019, which the regulator claims would manage it the time required to examine the prospective rule change further.
The SEC stipulates that the Commission must approve or disapprove a proposal no more than"180 Days following the date of publication of notice of the filing of this proposed rule change." But, there is a special clause which enables the agency to extend This period by 60 days.
Since the proposed rule change was originally released in the Federal Register The extension Into February 27, 2019, falls within the 60-day special consideration.
The announcement in the SEC reads:
"The Commission finds it appropriate to designate a longer period within which Has sufficient time to consider this proposed rule change."
The director of Digital Asset Strategy in VanEck/MVIS, Gabor Gurbacs, remains optimistic despite the delay in the regulator. He sent a tweet out saying while the current delay was expected, the SEC's Worries have been worked and rectified in the form of"improvements in The markets pricing, custody & surveillance."
Speaking at a recent event in New York, the SEC Chairman Jay Clayton spoke on Why the commission may not approve A bitcoin ETF shortly. Clayton had contended that the Majority of the agency's concerns, such as market operators.
"What traders anticipate is that the trading in that commodity that's underlying That the ETF is trading which makes sense, is absolutely free of the risk or significant hazard Of exploitation. Those kinds of defenses do not exist in many of the markets Where digital money exchange," Clayton had commented.