The U.S. Securities and Exchange Commission (SEC) has again delayed a decision on a bitcoin exchange-traded fund (ETF) proposal.
In a new document filed Monday, the SEC said it was instituting proceedings on whether to approve or disapprove a proposed rule change that would allow the VanEck SolidX Bitcoin Trust to issue and list its shares.
The regulator invited comments from the public, due 21 days from when the order is published in the Federal Register, and rebuttals to those comments, due 35 days after such publication.
The VanEck/SolidX bitcoin ETF was first filed last year with Cboe BZX, but was pulled in January due to a long-lasting government shutdown. The companies re-filed the proposal later that month, shortly after Bitwise Asset Management filed its own ETF proposal with NYSE Arca.
The SEC has delayed making any decision on the two proposals so far this year, with the latest delay on Bitwise’s proposal coming on May 14.
The regulator has yet to approve any bitcoin ETFs in the U.S., and has so far either deferred making any decisions or outright rejected proposals over the past few years.
In the past, the SEC has cited concerns with market manipulation, liquidity, financial crime and other issues as reasons for its rejections.
VanEck digital asset strategist Gabor Gurbacs image via CoinDesk archives