Bitcoin ETF listing postponed again, SEC says it will consider it again

On September 14, the Deputy Secretary of the U.S. Securities and Exchange Commission (SEC) has postponed the approval deadline for SolidX’s application to list a Bitcoin ETF on the New York Stock Exchange.

Typically, the SEC has 45 days to decide whether to approve a measure, but as we learned from similar filings last month, that timeline can be significantly extended.

Last week, SEC Deputy Secretary Robert W. Errett pushed back the deadline for approving the SolidX Bitcoin ETF from September 16.

Errett wrote:

“The Commission believes that an appropriately long period should be specified for action on a proposed rule change to allow sufficient time for consideration of the proposed rule change.”

The rule change could lead to the first bitcoin ETF listing on a major stock exchange.

A similar situation occurred in August, when the SEC made a similar decision regarding Tyler and Cameron Winklevoss' application to list the Winklevoss Bitcoin Trust on the BATS exchange.

Under Section 19(b)(2) of the Securities Exchange Act of 1934, the financial regulator may choose to extend the decision period by an additional 45 days and, after that, an additional 90 days.

That is, within the first 180 days, the SEC staff can approve the rule change. But if the SEC staff is still unable to make a decision at the end of the 180 days, the Commission still has another 60 days to consider making a decision.

SolidX was founded in early 2014 and has raised $3 million from Liberty City Ventures and other institutional investors to date. It aims to build financial tools for institutional bitcoin investors.

It is reported that the new approval deadline for SolidX Bitcoin Trust is 10月31日.