SEC is delaying approval decision for Bitwise and Grayscale Bitcoin ETFs

The United States Securities and Exchange Commission (SEC) continues to delay decisions on Bitcoin Exchange Traded Funds (ETFs) and has issued two new renewal notices.

On Wednesday, the SEC postponed two major Bitcoin swap product proposals, including NYSE Arca’s “real” Bitcoin ETF, Bitwise Bitcoin ETP Trust, and Grayscale Bitcoin Trust’s Bitcoin ETF.

Accordingly, the SEC is expected to decide by the end of the year whether to approve or disapprove of Bitwise’s BTC ETF and Grayscale’s BTC ETF, or to “initiate a process to decide on the disapproval”. February 1st and 6/2 or not.

“The Commission believes it is necessary to set a longer period of time to take action and take into account the proposed rule change and any comments,” the SEC wrote in both communications.

As previously reported, Bitwise Asset Management applied for a physical Bitcoin ETF on October 14th to offer exposure to “real BTC” instead of derivative products such as BTC futures contracts or other indirect contacts. The company then abandoned its BTC futures-based ETF application in November when more such products hit the US market.

Follow To update By now, at the latest, Grayscale is the largest Bitcoin fund in the world with assets under management of 45.6 billion US dollars. The company filed on October 19 to convert its flagship product, Bitcoin, into an ETF.

The latest news comes as the SEC continues to maintain a tough stance on physical crypto ETFs while approving multiple ETFs with indirect exposure, including the company’s BTC futures ETF.

In early December, the SEC rejected a sports Bitcoin ETF from wealth manager WisdomTree after postponing the decision in June.

In November, the SEC rejected a physical Bitcoin ETF from VanEck, one of the first companies in the world to ever file such an application. The company still decides to start trading Bitcoin futures ETFs on the Chicago Board Options Exchange.

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