SEC extends decision on four potential Bitcoin ETFs to end of 2021

SEC extends decision on four potential Bitcoin ETFs to end of 2021

SEC extends decision on four potential Bitcoin ETFs to end of 2021

Again, US’s top Financial regulator, the Securities and Exchange Commission (SEC) has postponed its decision on four Bitcoin Exchange Traded Funds (ETF) applications until at least November citing the need for additional time to decide on whether to accept the proposals or not. This was contained in a recently released order notice by the commission. 

Bitcoin ETF decision pushed to end of the year

According to the Gary Gensler-led commission, the regulator needs more time to come to a decision on the applications before it. The official notice reads: 

The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the comment letters that have been submitted in connection therewith.

The four affected entities whose proposal received an extension are Issuers Global X, Valkyrie, WisdomTree, and Kryptoin. Per the authorities, decisions on the exchanges would be made public by November 21, December 8, December 11, and December 24, respectively. 

SEC’s litany of Bitcoin ETF application

Many analysts had predicted that the commission’s new chairman, Gary Gensler, was going to speed up the approval of a Bitcoin ETF, however, under him, the commission has postponed its decision on application citing the need to properly understand the industry and the protection of investment funds.

Per our previous report, the commission has as many as 19 pending applications before it presently. The applicants ranges from VanEck to Bitwise to Galaxy to Wise Origin and a host of others.

Interestingly, VanEck’s application could be the earliest ETF application to receive a decision from the commission as its application decision date had been previously postponed to November 14.

Gary Gensler had recently hinted that the commission could be more open to reviewing applications for a bitcoin ETF tied to futures under the Investment Company Act of 1940.

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