The U.S. Securities and Exchange Commission (SEC) has delayed making a decision on two bitcoin exchange-traded fund (ETF) proposals earlier this year.
The first ETF proposal, filed by Bitwise Asset Management with NYSE Arca, was published in the Federal Register on Feb. 15, kicking off the first 45-day clock for an initial decision on the filing. Overall, the SEC has 240 days to approve or reject any ETF proposal. Today’s decision means the SEC now has another 45 to consider the proposal.
As a result, the SEC said Friday it will “either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change” by May 16, 2019.