The U.S. Securities and Exchange Commission (SEC) has delayed its decision on a Bitcoin ETF proposal from Bitwise Asset Management.
SEC Delays Decision On Bitwise Bitcoin ETF Once Again
The SEC’s filing delays the approval or rejection of Bitwise’s ETF, which aims to list on ICE’s NYSE Arca exchange soon.
In the related filing, the SEC also issued a request for comment. It looks for expected transaction volumes, protections against fraud and manipulation, and other issues.
Bitwise and NYSE Arca submitted their application and proposed rule change in October. The SEC delayed its decision on the proposal to December. In light of this new delay, the regulator will be forced to decide today, February 1.
Blockchain Association’s Jake Chervinsky today noted that the SEC’s deadline is currently August 14. He added that the SEC could delay its decision just “one more time to a final deadline” of October 13.
Bitwise is one of many companies aiming to create the first Bitcoin exchange-traded fund, which will provide visibility into the value of Bitcoin without requiring investors to purchase the cryptocurrency.
Despite the SEC’s repeated failures to approve spot Bitcoin ETFs, the company approved several Bitcoin futures ETFs last year. Valkyrie, VanEck, and ProShares now offer those investment funds. As a result, many in the crypto industry remain optimistic that the SEC will soon approve a spot Bitcoin ETF.
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