The Cboe BZX Exchange submitted a proposal to the Securities and Exchange Commission (SEC) to change the rules for trading shares of the VanEck Bitcoin Trust and VanEck Ethereum Trust. This change would allow in-kind creations and redemptions of these shares. The SEC typically has 45 days to approve or disapprove such proposals, but they have decided to extend this deadline to June 3, 2025, to take a closer look at the proposal. This extension will give the SEC more time to consider the details and implications of the proposed changes.
Simple Explanation
The people who make rules about buying and selling special types of Internet money want to change some rules, and the grown-ups in charge need more time to think about it. So, they've decided to take a bit longer to make sure everything is okay.