THELOGICALINDIAN - March has been a busymonth for the US Securities and Exchange Commission SEC Following its March 10 accommodation on Coin ETF the Commission will anon accept to accomplish adecision on Solidx Bitcoin Trust which is dueon March 30 In accession there is addition borderline this monththat best bodies accept disregarded It is the aboriginal borderline for Barry Silberts Bitcoin Investment Trust BIT which is due on March 26 However the Commission hasannounced this anniversary that it is dabbling thedecision on the BIT for 45 days
Also read: SEC Rejects Rule Change for Bitcoin ETF
Decision Postponed to May 10 – for Now
The NYSE Arca barter filed a proposed aphorism change to account and barter shares of the BIT on January 25, which would barter beneath the attribute GBTC. Without an extension, the Commission would accept to accomplish a accommodation on the BIT 45 canicule afterwards the proposed aphorism change was appear in the Federal Register, which was on February 9.
The Commission has now chosen to extend its accommodation aeon for 45 added days. In its apprehension on Wednesday, the SEC wrote:
While May 10 has been chosen, it is not the actual aftermost day which the SEC has to accomplish its decision. The Commission can still extend the deadline further, up to 240 canicule from the date of advertisement in the Federal Register, as it did so with the added two bitcoin trusts.
The SEC can additionally accept to bear its accommodation any time afore the deadline. In addition, NYSE Arca can accept to abjure its proposed aphorism change filing. So far, there has been no adumbration of either.
3 Negative Comment Letters Received
The SEC additionally appear that three animadversion letters were accustomed on the BIT. Unlike for Coin and Solidx which accustomed some auspicious comments, none of the three belletrist for 
the BIT urge the SEC to accede acknowledging the BIT’s proposed aphorism change.
The first animadversion letter, anachronous February 5, is from Joseph Stephen White who articular himself as “a above “bagholder” of bitcoin and added currencies such as freicoin and litecoin”. His letter outlines ponzi schemes, actionable biologic markets, and scams such as Butterfly Labs. He additionally provided a articulation to Reddit association ‘Buttcoin’ afore absolute that: “bitcoin is not accessible yet for advanced calibration use as there are too abounding bodies who can be controlled by the arrangement by a few bodies who the government does not accept any say over”.
A few canicule later, the second animadversion letter was acquaint on the SEC website, allegedly from Ethereum co-founder 
Jeffrey Wilcke. However, Wilcke has said on Reddit that the letter was not from him. “There are above ethical apropos and conflicts of absorption about Digital Currency Group (DCG), the ancestor aggregation of the Bitcoin Investment Trust, and their media accessory Coindesk”, the letter reads. It additionally points out that DCG accessory Grayscale operates “Ethereum Classic Investment Trust“, a almost accustomed alt-coin that’s illegally anarchic on a brand of the Ethereum Foundation”. Citing how Coindesk has accounting about this altcoin “more than 88 times”, the letter warns the SEC of DCG’s adeptness to “”pump-and-dump” abandoned assets” to artless investors.
The third animadversion letter came aftermost week, from Mark T. Williams, a.k.a Professor Bitcorn. Getting beeline to the point, Williams wrote that the BIT should not accept SEC approval “as it is agnate to” Coin that was denied on March 10. He additionally agreed with Wilcke, advertence that DCG “is abounding with inherent conflicts of interest”.
While all comments accept been abrogating so far, the SEC has already said that its decisions are not based on comments. When abnegation the Coin ETF, the Commission abandoned some comments, advertence that:
The Bitcoin community does not think that the SEC will accept any Bitcoin ETFs anytime soon, accustomed its reasons for abnegation Coin.
Do you anticipate Barry Silbert’s Bitcoin Investment Trust has a adventitious of actuality accustomed by the SEC? Let us apperceive in the comments area below.
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