The United States Securities and Exchange Commission (SEC) has delayed its decision on a rule change to the Securities Act that would allow the listing of Bitcoin (BTC) exchange-traded funds (ETF). The SEC published its decision in a public notice on March 29.
Bitwise filed its application with NYSE Arca on Feb. 15 under the condition that it would reach a decision in 45 days. Should the commission feel the need to extend that period, it is permitted to extend the review period to 90 days.
Following today’s decision, the SEC must come to a decision on whether to approve the rule change by May 16, 2019.
ETFs are securities that track a basket of assets proportionately represented in the fund’s shares, and are seen by some as a potential step forward for the mass adoption of cryptocurrencies.
NYSE Arca and Bitwise initially revealed plans to launch Bitcoin ETFs in January. NYSE Arca reportedly filed for permission to launch several Bitcoin-related ETFs in 2018. The exchange intended to launch five separate ETFs linked to both bull and bear futures contracts on NYSE Arca.
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