The folks at Bitwise and VanEck/SolidX will have to wait a little longer before the US Securities and Exchange Commission (SEC) reaches a decision on each company's respective proposals to list bitcoin-based exchange-traded funds (ETF) on US stock exchanges.
True to form, on March 29, the SEC decided to postpone the VanEck/SolidX decision to either "approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change" until May 21 of this year. Likewise, the SEC has delayed its Bitwise decision until May 16.
The VanEck/SolidX ETF proposal was first submitted to the SEC in June 2018 in collaboration with the Cboe BZX Exchange. On August 7, 2018, the SEC decided to postpone its decision regarding a rule change that would allow for the listing of a bitcoin ETF. However, on January 23 of this year, that proposal was voluntarily withdrawn by the Cboe BZX Exchange, possibly because of the government shutdown taking place at that time. Undeterred, Cboe submitted a new proposal on January 31 seeking the same rule change.
The Bitwise ETF proposal was submitted to the SEC on January 10. It asks for the same rule change as the VanEck/SolidX proposal so that it can list a bitcoin ETF on NYSE Arca. However, there are some differences that Bitwise seemed to believe gave it a leg up on other proposals.
Nonetheless, on March 29, the SEC also decided to put off its decision on the fate of the Bitwise ETF. It looks like VanEck/SolidX and Bitwise may be in the same boat after all.