The United States Securities and Exchange Commission has announced that it has delayed its decision on rule changes that could permit the Bitwise Bitcoin ETF Trust and VanEck SolidX Bitcoin Trust to begin trading. With the delay, the SEC won’t make a decision about the two funds until October at the earliest, Bloomberg reports.
Neither the SEC nor Bitwise responded to Bloomberg’s request for comments on the decision. The agency has repeatedly delayed its decision on the two ETFs, along with decisions involving other cryptocurrency exchange-traded fund proposals:
Other applications for approval -- which at one point exceeded 25 requests -- have also been delayed. The agency has also rejected an exchange’s request last year to list a Bitcoin ETF backed by Tyler and Cameron Winklevoss.
Last November, SEC Chairman Jay Clayton explained his agency’s reluctance to approve Bitcoin ETF applications:
“What investors expect is that the trading in that commodity that’s underlying the ETF is trading that makes sense, is free from the risk or significant risk of manipulation. Those kinds of safeguards don’t exist in many of the markets where digital currencies trade.”