The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the VanEck Bitcoin ETF again
In a Wednesday filing, the U.S. The Securities and Exchange Commission (SEC) has delayed its decision on the VanEck Bitcoin ETF again.
The U.S. SEC has delayed its decision on the VanEck Bitcoin ETF again
As such, the SEC has once again delayed its decision on the VanEck Bitcoin Trust. Usually, the SEC delivers a decision on a particular application within 45-day windows. However, to date, the agency has used the upper cap, 240 days, to review most of the Bitcoin ETF applications and has ended up rejecting them.
The decision follows the first announcement of the delay in April when they requested a 45-day extension to make a decision on approval. Previously, in April, the SEC stated that it needed sufficient time to evaluate the aforementioned proposal. The next deadline is set for July 2021.
The SEC will now solicit public comment on the product listing proposal prepared by Cboe Global Markets. Investors will likely be disappointed by this decision but will have to do with the fact that the ETF decision was only delayed, not completely dismissed.
In the past, the SEC has cited investor protection and market volatility as the main reasons behind the absence of Bitcoin ETFs. Bitcoin’s recent correction of more than 40% – although it has since risen to around $40,000 – has only exacerbated this concern.
The US Securities and Exchange Commission has a history of delaying the approval of Bitcoin ETFs. Regulatory hurdles and indefinite denials in the past have dented hopes of speedy SEC approval. Cryptocurrency enthusiasts have been frustrated with the SEC’s reluctance to register an ETF.
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