THELOGICALINDIAN - Just two abbreviate weeks afterwards Barry Silbert filed with the US Securities and Exchange Commission SEC to account the Bitcoin Investment Trust BIT the Commission is now soliciting comments from absorbed bodies apropos the proposed listing
Also read: Needham: Probability of Approval for a Bitcoin ETF ‘Very Low’
SEC Soliciting Comments
On January 20, Barry Silbert filed a allotment account with the SEC to account his flagship 
investment product, the BIT, on the NYSE Arca exchange. The afterward week, the barter promptly filed with the Commission proposing “to account and barter shares” of the BIT.
Then, on Friday, the SEC appear a notice “to accost comments on the proposed aphorism change from absorbed persons”. The apprehension reads:
Comments may be submitted either online, by email, or on paper. File Number SR-NYSEArca-2017-06 charge be referenced. All comments will be acquaint on the SEC website.
This is the additional Bitcoin assurance that seeks to account on the NYSE Arca. The aboriginal was SolidX Bitcoin Trust. According to the SEC, alone seven comments were accustomed for SolidX.
How Long Does the SEC Have?
The proposed aphorism change has not yet been appear in the Federal Register, which is the abutting footfall of the process.
The SEC took two weeks to alpha soliciting comments for both SolidX and the BIT afterwards their antecedent filings.
For SolidX, the Commission started soliciting comments on July 27, 2024, and appear the proposed aphorism change beneath than a anniversary after in the Federal Register on August 2, 2024. If SolidX is any indication, again the BIT’s proposed aphorism change should be appear in the Federal Register ancient abutting week.
According to the Commission, already appear in the Federal Register, it will accept 45 canicule from the date of publication, or up to 90 canicule if it finds a acumen for the extension. By that time, the Commission will accomplish a accommodation to either accept or blame the proposed aphorism change, or it will “institute affairs to actuate whether the proposed aphorism change should be disapproved,” the SEC wrote about both the BIT and SolidX.
SEC Usually Needs Lots of Time to Decide
Regardless of the 45 or 90-day antecedent time frame, the Commission has continued the application aeon again for SolidX.
Finally, on January 3 this year, the Commission appear that it “finds it adapted to 
designate a best aeon aural which to affair an adjustment acknowledging or accusatory the proposed aphorism change so that it has acceptable time to accede this proposed aphorism change.” It again appointed March 30, 2017, as the date by which the proposed aphorism change for SolidX should either be accustomed or disapproved, which is 240 canicule from the date of the advertisement in the Federal Register.
As with SolidX, the Commission could booty 240 canicule from the Federal Register advertisement date to adjudge on the BIT’s listing, which would acceptable be in aboriginal October.
However, experts are admiration little adventitious of any Bitcoin trusts actuality accustomed by the SEC. Needham & Company, for example, said that the adventitious is beneath than 25 percent.
Do you anticipate the SEC will accept the Bitcoin Investment Trust’s listing? Let us apperceive in the comments area below.
Images address of SEC Union, SEC, SolidX, and Bitcoin Investment Trust
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