So read this so you understand why the market will fomo and why you shouldn’t. This is the time...
**Procedure and final date for the CBOE Bitcoin ETFs**
if an ETF gets filed with the SEC these steps have to be taken in this order:
- ETF files a proposed rule change with the SEC
- SEC posts notice of the filing in the public register
- the SEC now has 45 days after the posting to approve or deny the ETF
Now the SEC can extend this deadline up to three times:
- 45 more days if "a longer period is appropriate"
- 90 more days for the ETF to adress grounds for disapproval
- 60 more days if again "a longer period is appropriate"
So the maximum deadline is 240 days after the file notice in the federal register. Each delay can only be announced after one of the phases is over.
So the maximum deadline for the CBOE ETFs is 21. February 2019
What happened today was the delay of the decision for the Direxion ETF for the third time (60 day extension), since its notice was published at 24. January 2018.
So it could very well be the case that the SEC will delay the CBOE ETFs at 10. August. Be prepared to wait a little bit longer.