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Breaking: SEC has postponed its decision on the VanEck/SolidX Bitcoin ETF to February 27, 2019

On December 6, the US Securities and ExchangeCommission (SEC) published the document, according to which the Commission postponed its decision on the VanEck/SolidX Bitcoin ETF to February 27, 2019.

On June 20, 2018, Cboe BZX Exchange filed with the Securities and Exchange Commission a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust. The proposed rule change was published for comment in the Federal Register on July2, 2018.

On August 7, the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.

On September 20, the Commission instituted proceedings under Section 19(b)(2) of the Act to determine whether to approve or disapprove the proposed rule change. As of December 6, the Commission has received more than 1,600 comments on the proposed rule change.

“Section19(b)(2) of the Act provides that after initiating disapproval proceedings, theCommission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice offiling of the proposed rule change. The Commission may extend the period forissuing an order approving or disapproving the proposed rule change, however,by not more than 60 days if the Commission determines that a longer period is appropriate and publishes reasons for such determination”, -reads the document.

The proposed rule change was published for notice and comment in the Federal Register on July 2, 2018. December 29, 2018, is 180 daysfrom that date, and February 27, 2019 is 240 days from that date.

The Commission decided to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.The Commission designated February 27, 2019, as the date by which it shall either approve or disapprove the proposed rule change.