As the US Securities and Exchange Commission (SEC) continues to weigh its options, Bitcoin EFT applications are piling up. The most powerful regulator on Wall Street has once again extended the timetable for deciding whether to approve Bitcoin exchange-traded funds (ETFs). The committee extended the deadline for four applications by 45 days.
The first decision on the proposed rule changes to allow the listing and trading of Bitcoin ETFs has been postponed to November.
New deadline set by the U.S. Securities and Exchange Commission
Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF are four Bitcoin ETFs waiting for the committee’s decision. The approval dates were rescheduled to November 21, December 8, December 11, and December 24, respectively.
“The Commission believes that it is appropriate to assign a longer period of time to take action on the proposed rule change so that there is sufficient time to consider the proposed rule change and any comments,” the US Securities and Exchange Commission statement In the official statement.
On September 8, the US Securities and Exchange Commission issued a statement Announced an extension of its decision to approve the VanEck Bitcoin Trust for 60 days to November 14. On April 28, the US Securities and Exchange Commission had stated that its ruling on VanEck’s application would be made in June at the earliest. This is only a few hours before the last deadline. VanEck’s document kicked off the company’s sprint to apply for Bitcoin ETF approval.
SEC Chairman Gary Gensler has been actively taking action to impose stricter restrictions on cryptocurrencies.recently interview In the Washington Post, he compared stablecoins to poker chips. However, he stated that he is more open to cryptocurrency ETFs, implying that funds that abide by the strict rules of mutual funds can provide investor protection.
U.S. Bitcoin Exchange Traded Fund
Exchange-traded fund managers have always been eager to join the ranks of cryptocurrency trading. However, after the comments of Gary Gensler, Chairman of the US Securities and Exchange Commission, thwarted hopes of rapid approval of the Bitcoin ETF this year, they may have waited longer than expected.
Gensler has previously emphasized his concerns about careless supervision, and his position indicates that the committee hopes to impose stricter regulations on cryptocurrencies before approving the Bitcoin ETF application list. After VanEck and WisdomTree submitted applications in May, more and more Ethereum ETFs joined the application waiting list. The SEC rejected some early Bitcoin ETF applications.
Related Reading | How the SEC “digging holes” by not approving Bitcoin ETFs
On June 16 freed, The regulator said they will need extra time to solicit public opinion. The SEC specifically asked investors what they think of Bitcoin ETFs.
In early September, Fidelity Digital Assets met privately with regulators to promote the approval of their proposed Bitcoin exchange-traded fund. They believe that the cryptocurrency market is now large enough to support it. The president of the investment company Tom Jessop and other executives participated in a virtual meeting with regulators on September 8. introduce This lists the needs of investors for the product.
BTC trading at $47.9K | Source: BTCUSD on TradingView.com
Securities regulators are currently considering applications from more than 20 companies. It is expected that as traditional investors enter the market, the launch of the first Bitcoin EFT by the SEC will improve the technical indicators of the asset.
Featured image from Financial Times, Chart from TradingView.com