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The United States Securities and Exchange Commission (SEC) has further delayed its decision on three bitcoin exchange-traded fund (ETF) proposals, CoinDesk reported.
Asset managers Bitwise Asset Management, VanEck/SolidX, and Wilshire Phoenix proposed the ETFs earlier this year, which were filed with exchanges NYSE Arca and Cboe BZX.
The filings were published for comment in the Federal Register in February and July, which kicked off the 240-day time period for the SEC to give its final decision.
According to the documents published on August 12, the regulator has deferred its decision on the listing of Bitwise Bitcoin ETF Trust on NYSE Arca to October 13 and VanEck’s listing to October 18. It has also delayed its decision on Wilshire Phoenix’s United States Bitcoin and Treasury Investment Trust to September 29.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” the SEC said.
The SEC has not approved any bitcoin ETF to date and has been delaying its decision citing market manipulation and market surveillance as some of its concerns.
Earlier in March, Bitwise Asset Management published a report claiming that 95 percent of all reported bitcoin trading volume was fake.
2/ First, key takeaways:
— Bitwise (@BitwiseInvest) March 22, 2019
A. 95% of reported BTC spot volume is fake
B. Likely motive is listing fees (can be $1-3M)
C. Real daily spot volume is ~$270M
D. 10 exchanges make up almost all real trading
E. Most of the 10 are regulated
F. Spreads are <0.10%. Arb is super efficient
Bitcoin is currently trading at $11,338 at the time of writing with its upside capped by 5-DMA (Bitstamp). A break above could see it testing $11,560 (10-DMA)/$12,000.
