The US Securities and Trade Fee has postponed its determination on whether or not to approve a Bitcoin (BTC) exchange-traded fund.
The SEC has delayed its determination on a Bitcoin ETF submitting by Texas-based household funding fund Valkyrie Digital Belongings after receiving feedback on the proposed rule change relating to the brand new fund.
In line with an official Tuesday submitting by the SEC, the fee has found that it was acceptable to designate an extended interval to take motion on the proposed rule change relating to the Bitcoin ETF. Valkyrie initially filed its application for the Valkyrie Bitcoin Trust on the New York Inventory Trade this January.
The SEC famous that it has obtained feedback on the fund that had been printed in Might 2021. The authority stated that it’s extending the overview interval for the ETF by 45 days, rescheduling the choice for Aug. 10.
The brand new regulatory delay comes shortly after the SEC delayed approval for one more main Bitcoin ETF, extending last week the review period for VanEck’s Bitcoin Trust for the second time this 12 months. The regulator stated that the SEC was looking for extra public feedback over a 45-day interval.
VanEck Associates CEO Jan van Eck has stated that approval might solely be a matter of time given the massive demand for a Bitcoin ETF in the US. The exec additionally urged that the most recent delay couldn’t be the final. “They don’t want to actually decide in August. It’s kind of a man-made deadline, as was the one final week. The SEC is simply not transferring quick on this,” he stated.