Securities Exchange Commission delays decision on SolidX Bitcoin Trust

Regulation | January 10, 2017 By:

The U.S. Securities Exchange Commission (SEC) announced that it is delaying its decision whether to approve the listing of SolidX Bitcoin Trust on the NYSE Arca exchange.

SolidX first filed a registration statement (Form S-1) with the SEC on July 11, 2016, proposing to launch its SolidX Bitcoin Trust.

SolidX Bitcoin Trust will not be actively managed. There is no minimum investment. “An investor may hold as little as a single share, which represents approximately one tenth of a bitcoin,” the company told the SEC. In addition, the company has secured “significant insurance coverage for the bitcoin that will be held by the Trust.”

After the SEC repeatedly extended the period to consider approving or disapproving the listing, the Commission announced last week: “The Commission, pursuant to Section 19(b)(2) of the Act,9 designates March 30, 2017 as the date by which the Commission should either approve or disapprove the proposed rule change.”

SolidX is a blockchain technology company.