Is August 10th D-Day for the Bitcoin ETFs Filed by the CBOE at the SEC?
In an online article only 2 days ago, it was mentioned that August 10th is when the SEC will decide on the fate of the filing of Bitcoin ETFs done by the CBOE exchange. The article was quoted as saying:
Bitcoin ETF fate is finally going to be decided on August 10. Currently, SEC is asking for comments on the listing and trading of Bitcoin ETF introduced by VanEck SolidX Bitcoin Trust that will be catering to only accredited investors.
However, this date has been disputed as being the proverbial D-Day for the decision on the Bitcoin ETFs by the American SEC. The date of August 10th was apparently calculated using an SEC statement that says that a decision will be reached on each filing no less than 45 days from the date of publication in the Federal Register.
Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding.(ii) as to which the Exchange consents, the Commission will: (a) By order approve or disapprove such proposed rule change, or (b) institute proceedings to determine whether the proposed rule change should be disapproved.
The notice was dated June 26th but published on July 2nd. The August 10th date was reached by adding 45 days to the June 26th date. Therefore, there is high chance that we might have to wait a bit longer than August 10th given the statement highlighted above from the published notice.
So what can we do till then?
Continue sending comments to the SEC as earlier mentioned in the following ways:
Please note that the file number for the BTC ETFs on the SEC website is SR-CboeBZX-2018-040.
The subject line of your message must include the File Number for the rule. This is the number that begins “S7-” or “SR-”.
If you attach a document, indicate the format or software used (e.g., PDF, Word Perfect, MS Word, ASCII text, etc.) to create the attachment. Please note that the SEC now accepts comment letters in PDF format. DO NOT submit attachments as HTML, GIF, TIFF, PIF, ZIP, or EXE
Using the traditional ‘Snail Mail’
Send 3 copies of your paper comment letter to:
Brent Fields, Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-0609
Each copy must list the “File Number” for the rule. This is the number that begins “S7-” or “SR-”.
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.