US SEC lengthens response times for four Bitcoin ETF applications

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US SEC lengthens response times for four Bitcoin ETF applications By Hannah perez

The never ending story? The SEC again extended the response time for the WisdomTree ETF, as well as three other companies, by 45 days.


The U.S. Securities and Exchange Commission continues to extend verdict deadlines on multiple requests to launch exchange-traded funds (ETFs) from Bitcoin.

To date, none of the more than ten applications for ETFs pegged to the flagship coin appear to have advanced, let alone achieved approval from the top US market regulator. After delaying the ruling on the ETF for the third time from VanEck, the The Commission has reported that it is postponing the verdicts of four other funds as of this Friday.

In a official statement this week, the SEC indicated that it has extended the deadline of four ETFs of Bitcoin for 45 days. These funds are those of: Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF, which were rescheduled for the respective dates of November 21, December 8, December 11 and December 24.

In the document, the regulatory agency cited the additional time requirement to decide whether to accept applications.

The Commission believes that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments.

The US continues to wait for a first Bitcoin ETF

The SEC has been postponing its decision on the long-awaited first ETF of Bitcoin of the country throughout this year. In addition to postponing the response times for the request for VanEck on several occasions, the Commission had also put on hold the cryptocurrency ETF proposal put forward by WisdomTree in early 2021.

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Nevertheless, a first verdict during this application cycle could be yet to come as the regulator has until November 14 to approve or reject “VanEck Bitcoin Trust”. The SEC must give a response by the stipulated date because it has already reached the allowed extension period.

Hopes have been renewed this year for the approval of a first ETF of Bitcoin in the US in light of the recent launch of funds of this type in Canada, Brazil and other countries. Many of the expectations are around the ETF of VanEck due to its characteristics. The fund would be linked to futures of Bitcoin and other investment vehicles that have been singled out by SEC Chairman Gary Gensler as more likely to receive approval.

Gensler’s remarks have prompted other asset managers to modify their offerings in recent weeks, introducing ETFs based on the futures markets of Bitcoin instead of the spot market of bitcoins.

Meanwhile, the community continues to await the arrival of a first crypto ETF. Applications from prominent ecosystem companies such as Galaxy Digital, Fidelity and Ark Investment are some of those that follow on the list. The analyst of Bloomberg Intelligence James seyffart published a listing of more than 30 Bitcoin ETFs that the SEC has rejected or deferred since 2013.

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Despite this scenario, recent comments by the strategist of Bloomberg, Mike McGlone, seem to have renewed hope on this issue. He believes that the SEC could give the green light to an ETF of Bitcoin by the end of October this year.

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Sources: Cointelegraph, file

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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