SEC punts on decision for VanEck's bitcoin ETF filing until at least June

The Securities and Exchange Commission (SEC) is delaying its decision on VanEck and Cboe's application to list a bitcoin exchange-traded fund. The SEC published an order today extending its 45-day decision window to 90 days.

VanEck filed this latest S-1 in December of 2020. By March 1, exchange Cboe filed the necessary 19b-4 to list the proposed product, formally attaching itself and putting the SEC on the 45-day clock. 

The SEC has now given itself an additional 45 days to consider the proposal. The order designates June 17, 2021 as the decision deadline, though this window could be extended further to encompass a 240-day decision period.

"Accordingly, pursuant to Section 19(b)(2) of the Act, the Commission designates June 17, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change," said the order.

The securities regulator has extended on other proposals in the past. In the case of VanEck, even if the SEC punts the decision as far down the line as possible, final approval or rejection must come before the end of this year.

Meanwhile, Cboe also filed a 19b-4 for Kryptoin's proposed offering as of April 10, putting the SEC on a decision deadline for this offering as well. Other unattached offerings include Valkyrie, Galaxy Digital, Fidelity, SkyBridge Capital, WisdomTree and NYDIG

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.