The U.S. Securities and Exchange Commission on Monday delayed the VanEck bitcoin ETF proposal, setting a new deadline of Aug. 19.

The delay comes as Bitcoin is trading at $7,921.47 as of 10:30 am ET Tuesday, up 2.03% in the past 24 hours, according to CoinMarketCap.com.

The SEC can delay its decision on the VanEck bitcoin ETF proposal one more time for a final deadline of October 18, 2019.

On January 30, 2019, Cboe filed with the SEC a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares.

On March 29, 2019, 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.

The Commission has received 25 comment letters on the proposed rule change.

Cboe proposes to list and trade the Shares – each Share would represent a fractional undivided beneficial interest in the Trust’s net assets. The Trust’s assets would consist of bitcoin, and the Trust would be responsible for custody of the Trust’s bitcoin.

SolidX Management LLC would be the sponsor of the Trust (“Sponsor”). The Bank of New York Mellon would be the Administrator, transfer agent, and the custodian with respect to cash of the Trust. Foreside Fund Services, LLC would be the marketing agent in connection with the creation and redemption of baskets of Shares. Van Eck Securities Corporation would provide assistance in the marketing of the Shares, according to the SEC.

Read the full SEC notice here.

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