SEC Kicks the Bitcoin ETF Approval Decision Down the Road

The Securities and Exchange Commission late Wednesday declined to create a ruling on a bid to launch what would be the primary exchange-traded fund that completely tracks the digital currency bitcoin. The regulator aforementioned it absolutely was instead seeking further public feedback on the proposal.

The decision is that the latest delay for Tyler and Cameron Winklevoss, whose projected ETF is meant to trade baskets of shares tied to the digital trade goods. the dual brothers are among the foremost public advocates for a bitcoin ETF, having 1st declared plans for one in 2013. The combine conjointly run each WinkDex, a bitcoin price level, and Gemini, a bitcoin steward and exchange.

A voice for Winklevoss Capital declined to comment

The SEC’s request for extra feedback follows earlier public comments that debated the steadiness of bitcoin, that has been notoriously volatile in worth, similarly as any potential conflict of interest between the projected ETF and Gemini.

“The Commission requests that interested persons offer written submissions of their views, data, and arguments with relation to the problems known higher than, similarly as the other considerations they'll have with the proposal,” the SEC wrote during a filing.

According to SEC rules, those that wish to produce feedback have twenty one days from the Oct. twelve publication of the document to try and do thus. Responses to the feedback may be filed thirty five days at that time.

The Bitcoin nondepository financial institution GBTC, +0.02% was volatile on Th, moving between a drop of one hundred and twenty fifth and a gain of one hundred and twenty fifth. The trust trades on the securities market and operates as a personal, open-ended trust that invests only in bitcoin. the worth of the trust’s shares area unit entirely derived from worth moves in bitcoin.