The SEC has extended the review period for the nation's first bitcoin ETF, pushing the deadline to Feb. 27 2019. Unlike other ETF proposals, the Van Eck / SolidX ETF would be dependent on actual bitcoin, rather than futures markets.
The decision comes after months of uncertainty as a number of previous ETF proposals were rejected by the SEC, most notably in August when the regulator simultaneously rejected nine proposals submitted by ProShares, GraniteShares and Direxion. The rejections were suspended the next day when the SEC announced it would review all of the proposals. It later reopened a comment period, giving the general public until November 6 to share any new statements in support of or against allowing the ETFs to be approved. The VanEck/SolidX proposal differs from the others in that its value is dependent on bitcoin itself, rather than futures markets like the other nine. The SEC similarly reopened a comment period for this proposal, designating October 17 as the deadline for any statements and October 31 as the deadline for any rebuttals.