The US Securities and Exchange Commission (SEC) is still not keen on approving Bitcoin exchange-traded funds (ETF).
In a document published on May 20, the watchdog revealed it has delayed making a decision on an ETF proposal put forth by the VanEck SolidX Bitcoin Trust.
Instead, the SEC “is instituting proceedings” to determine whether it should approve the filing. For the record, such institution of proceedings does not “indicate” the commission has “reached any conclusions.” Rather, it’s simply a call for more input from interested parties.
“Interested persons are invited to submit written data, views, and arguments regarding whether the proposal should be approved or disapproved by [21 days from publication in the Federal Register],” the commission writes. “Any person who wishes to file a rebuttal to any other person’s submission must file that rebuttal by [35 days from publication in the Federal Register].”
Back in March, a review by Hard Fork revealed all but one of the seven letters were opposed to the idea of Bitcoin ETFs. Since then, the SEC has published over a dozen more letters it received – and the responses are still not that positive, to say the least.