US SEC Delays Decision on Bitcoin ETF Applications From VanEck and Bitwise

The United States Securities and Exchange Commission has delayed its decision on a rule change to the Securities Act that would allow the listing of Bitcoin exchange-traded funds.

The SEC published its decision in a public notice on March 29.Bitwise filed its application with NYSE Arca on Feb. 15 under the condition that it would reach a decision in 45 days.

Following today's decision, the SEC must come to a decision on whether to approve the rule change by May 16, 2019.

NYSE Arca and Bitwise initially revealed plans to launch Bitcoin ETFs in January.

The exchange intended to launch five separate ETFs linked to both bull and bear futures contracts on NYSE Arca.The SEC has also extended its decision on the VanEck/CBOE Bitcoin ETF. Under the same conditions, the SEC has extended its initial 45-day review period to 90 days.

The new deadline for considering the ETF falls on May 21.While CBOE initially filed its application last year, in January it withdrew its request for a rule change when the U.S. government shutdown decreased the SEC's operational capacities.

The application process has experienced several delays, as the SEC pushed back its decision on multiple occasions.

The firms first filed with the SEC to list a Bitcoin-based ETF on June 6, 2018.

Subsequently in August, the commission delayed its decision on listing the ETF until Sept. 30.

Some industry experts have expressed doubt over the possibility of a Bitcoin ETF. In January, crypto entrepreneur and CNBC contributor Brian Kelly said that there is "No shot" for a Bitcoin ETF approval in 2019.