SEC postpones decision on Valkyrie Bitcoin ETF

The U.S. Securities and Exchange Commission has postponed its decision to approve an exchange-traded Bitcoin (BTC) fund.

The SEC has postponed a decision on filing the Bitcoin ETF from Texas family fund Valkyrie Digital Assets after receiving comments on the proposed rule change regarding the new fund.

According to the SEC’s official filing on Tuesday, the commission deemed it appropriate to set a longer period of time to crack down on the proposed rule change regarding the Bitcoin ETF. Valkyrie originally filed a Valkyrie Bitcoin Trust application on the New York Stock Exchange this January.

The SEC noted that it had received published comments on the fund in May 2021. The authorities said they are extending the review period for the ETF by 45 days and postponing the decision to August 10.

The new regulatory delay comes shortly after the SEC delayed approval for another large Bitcoin ETF and extended the review period for VanEcks Bitcoin Trust for the second time this year last week. The regulator said the SEC will seek additional public comments over a 45-day period.

Connected: VanEck applies for a new mutual fund for Bitcoin futures with the US SEC

Jan van Eck, CEO of VanEck Associates, has stated that given the huge demand for Bitcoin ETFs in the US, approval could only be a matter of time. The CEO also suggested that the recent delay couldn’t be the last. “You don’t really have to make a decision in August. It’s an artificial deadline, like last week’s deadline. The SEC just wasn’t moving fast on the matter, ”he said.