exchange-traded fund (ETF) until Sept. "I think the issue with the SEC, quite frankly, is that the people who are doing the applications don't fit mold of who the SEC is used to approving Barhydt told cnbc's "Squawk Box Europe" on Tuesday. The choice to punt forward a final decision also comes days after SEC commissioners completed a review on a proposed bitcoin ETF from investors Cameron and Tyler Winklevoss, whose multi-year effort was dashed after a majority of the SECs commissioners backed up the agencys original. Bitcoin has surged above 8,000 for the first time since May, trading at 8,125.86 at press time). The size of a Basket is subject to change. Securities and Exchange Commission (SEC) has postponed the review of Bitcoin ETFs proposed by investment firm Direxion Asset Management, as it needs more time to study the proposal before reaching a final decision. To maintain liquidity and sufficient reserves, the Trust will trade bitcoin on over-the-counter (OTC) exchanges, both domestically and internationally. In July, a source told cnbc that. The commission will rule on whether to approve or disapprove the VanEck SolidX Bitcoin Trust ETF on September.
Featured Image Credit: Image Courtesy. The ETF proposal from Direxion is just one of the many awaiting approval by the SEC. "There is too much demand for.". If the application is approved, investors will be able to trade a Bitcoin ETF in the form of baskets of 5 SolidX shares (100 bitcoin) on the cboe exchange: The Trust will issue and redeem Baskets, each equal to a block of 5 Shares, only.
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None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. According to data from, cryptoCompare, as of press time, Bitcoin (BTC) is trading around 6,902. Since the application for a Bitcoin ETF was submitted, more than 1,300 comments were received by the SECboth supporting and denouncing the Bitcoin-backed ETF. He suggested that an application from a trusted financial institution would likely win favor with the commission, more so than a start-up or lesser-known firm. Federal Register on Since the SEC had 45 days from the date of publication in the Federal Register to make a decision, this means that many people in the crypto space expected a decision to be made by However, the SEC has now decided. There is some hope that institutions are warming to the bitcoin world. Therefore, pursuant to Section 19(b 2) of the Securities Exchange Act of 1934, the SEC decided to designate "September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.". VanEck and SolidX, who are planning to list a physically-backed bitcoin fund.