👨‍⚖️ SEC can delay commodity-backed Bitcoin ETF decision until February 2019

Today the Securities and Exchange Commission announced that it was delaying their decision on several Bitcoin ($BTC) backed ETFs until September 21st, 2018. However, Attorney Jake Chervinsky points out that the Commission is able to delay their decisions for up to 240 days total. For administrative reasons the SEC must announce shorter extensions one at a time, but often use the full window to make major decisions. The final deadline is February 21st, 2019 for commodity-backed ETFs VanEck and SolidX, but the September deadline still applies to futures-backed ETF Direxion.