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 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.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…
Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…
SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…
Sheetz crypto payments: 750+ US stores now accept Bitcoin, Ethereum, and more, rewarding customers through…
Zhu Su’s wife sells Singapore mansion for $38.5 million amid heightened financial scrutiny on Three…
Bitcoin Spot ETF Outflows Hit $54.9M on Nov 1, marking the first decline in a…
This website uses cookies.