Investment firm Direxion has had the review of its Bitcoin exchange-traded fund (ETF) application postponed until September 21. The news about the delay comes from an official document released by the U.S. Government Publishing Office July 24.
An announcement from the U.S. Securities and Exchange Commission (SEC) said it was appropriate to delay its decision, which only affects Direxions offering.
The Commission finds it appropriate 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, it states.
The SEC requires to be done according to law, the issue of any decision should no longer than 180 days old. The ETF filing notice case was filled on 24 January 2018. Therefore the SEC commission had time to approve/disapprove before 23 July 2018.
There is also a provisional rulebook which states the commission can extend the time frame to approve or disapprove the proposed rule change by not more than 60 days if the Commission determines that a more extended period be appropriate and publishes the reasons for such determination.