SEC Delays CBOE Bitcoin ETF Decision For VanEck and SolidX Fund, Seeks Public Opinion

The cryptocurrency community will have to wait a bit longer for a Bitcoin exchange-traded fund (ETF) as the U.S SEC has delayed its decision yet again on the VanEck and SolidX Bitcoin ETF proposed by the CBOE.

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The cryptocurrency community will have to wait a bit longer for a Bitcoin exchange-traded fund (ETF) as the U.S SEC has delayed its decision yet again on the VanEck and SolidX Bitcoin ETF proposed by the CBOE.

SEC has started decision proceedings

The SEC is currently instituting proceedings to determine whether to approve a proposed rule change filed by Cboe BZX Exchange, Inc.

If the commission approves the proposal, then CBOE will be given permission to list a Bitcoin ETF that was first proposed by money management firm VanEck and crypto startup SolidX. SEC, however, stated that it wants more inputs and comments from the public.

This request comes despite the commission receiving more than 1,400 comment letters on a proposal to list an ETF from Van Eck Securities Corp. and SolidX Management. The report added that anyone who wishes to comment will need to do that over the next three weeks.

Rebuttals meanwhile have 35 days to submit their letters to the commission. This move by SEC is an attempt to seek more views regarding market manipulation.

The commission has complained several times that the cryptocurrency market is manipulated and exchanges are not putting policies in place that would combat that.

The manipulation claims are one of the reasons why the commission has rejected every Bitcoin ETF proposal submitted so far.

SEC secretary Brent Fields stated that putting in place such a proceeding is very important due to the legal and policy issues raised by the proposed rule change.

The proceedings, however, don’t mean that the commission has reached any final decision on the proposed Bitcoin ETF. It implies that SEC is seeking and encouraging the crypto community to come out and provide comments on the proposed rule change.

The commission revealed that it is seeking comments on eighteen key topics that would help them determine if the commenters believe that Bitcoin is less susceptible to price manipulation compared to the other commodities that underlie exchange-traded products (ETPs).

The report also stated that it is setting up the proceedings in order to enable more analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act.

This act states that the national securities are designed in such a way that fraudulent and manipulative acts and practices are stopped in order to protect the consumers.

The commission should also be able to promote just and equitable principles of trade while protecting the public interest.

Crypto market doesn’t react to SEC news

The cryptocurrency market has in the past reacted, mostly negatively to the news of SEC decision on Bitcoin ETF. However, the market didn’t react to this setback and is instead trading positively over the past few hours.

The BTC price is up 2% over the past 24 hours, while altcoins like Ripple, Stellar, Cardano, and others continue to record massive gains.

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