US Securities and Exchange Commission (SEC) will have to make a positive or negative decision on at least two Bitcoin stock exchange mutual funds (ETFs) this October.
In the files released on August 12, the SEC did not make a final decision on the three ETFs at the moment and chose to postpone.
Offers sponsored by VanEck / SolidX, Bitwise, and Wilshire Phoenix came before the editor earlier this year.
“The Commission noted that it is appropriate to issue a longer period of time for issuing an order that approves or disapproves the proposed rule change so that it has sufficient time to consider this proposed rule change”.
The SEC has so far opted to postpone allowing an ETF to be marketed for various regulatory concerns.
Net Decision Two Month Period
The launch of the ETF began on March 2017, when the crypto industry received the SEC’s first rejection response. Since then, offers have been withdrawn and rearranged several times, with VanEck / SolidX completing the file again last February.
By law, the SEC has a maximum deadline of 240 days from the date of application to give a definitive answer as to whether it will work legally in the United States.
So on October 18, VanEck will find out whether the organizer will finally be able to obtain products from his surroundings, while Bitwise will be informed on October 13th five days earlier.
Wilshire Phoenix, who later applied, will receive his next update on whether the transaction will see a delay at the end of September.
An Approved Bitcoin ETF Means Adoption
Responding to the news, Gabor Gurbacs, VanEck’s digital asset strategist and manager, believes the process will be positive in the coming months, to a physical, liquid, insured Bitcoin ETF could benefit the public.
Throughout its two-year history, the ETF war began to attract attention; commentators generally think that this process will significantly increase the adoption of Bitcoin.
At the same time, some commentators have expressed concern. Some individuals, including Ethereum co-founder Vitalik Buterin, claimed last year that the presence of the entire cryptocurrency in multiple locations would be distracting in a wider area.