SEC Extends Decision Timeline Of Four Bitcoin ETFs By 45 Days
October 02 2021 - 12:05PM
NEWSBTC
Bitcoin EFT applications are piling up as the United States
Securities and Exchange Commission (SEC) continues weighing its
options. Wall street’s most powerful regulator has once again
extended the timeline on making decisions as to whether or not it
will approve Bitcoin Exchange-Traded Funds (ETF). The commission
extended the deadlines on four applications by 45 days. The first
decision on a proposed rule change that would allow the listing and
trading of Bitcoin ETF has been put off till November. New
Deadlines Set By SEC Global X Bitcoin Trust, Valkyrie XBTO Bitcoin
Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF
are the four Bitcoin ETFs awaiting the Commission’s decision. The
approval was rescheduled to November 21, December
8, December 11, and December 24, respectively. “The Commission
finds 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 SEC stated in an official statement. On September 8,
the SEC released a statement announcing that it was extending its
decision to approve VanEck Bitcoin Trust by 60 days to November 14.
On April 28, the SEC had said that its ruling on VanEck’s filing
would come in June at the earliest. This was just hours before a
previous deadline. VanEck’s filing launched the sprint by companies
toward filing for bitcoin ETF approvals. Related Reading
| Will The SEC Approve A Bitcoin Futures ETF In 2021? Here Are
The Implications SEC Chairman Gary Gensler has been moving
aggressively to impose tougher restrictions on cryptocurrency. In a
recent interview with the Washington Post, he compared stablecoins
to poker chips. However, he has indicated that he is more open to
cryptocurrency ETFs, suggesting those that comply with strict rules
for mutual funds could provide investor protection. Bitcoin
Exchange-Traded Funds In The U.S. Exchange-traded fund managers
have been eager to jump on the cryptocurrencies trading wagon.
However, they may be waiting longer than expected after comments
from the Securities and Exchange Commission Chairman Gary Gensler
damped hopes of quick approval of bitcoin ETFs this year. Gensler
has previously highlighted his concerns about careless oversight,
and his stance indicates that the commission wants to impose
stricter regulations on cryptocurrencies before approving a list of
bitcoin ETF applications. A growing amount of ethereum ETFs have
joined the application waitlist, following filings for approval by
VanEck and WisdomTree in May. The SEC rejected some earlier bitcoin
ETF applications. Related Reading | How the SEC “dug into a
hole” by not approving a Bitcoin ETF In a June 16 release, the
regulators said that they would take additional time to seek
comments from the public. The SEC specifically asked investors for
their opinions on bitcoin ETFs. In early September, Fidelity
Digital Assets met with the regulators privately to push for the
approval of their proposed bitcoin exchange-traded fund. They
argued the cryptocurrency market is now big enough to support it.
The investment firm’s president, Tom Jessop, and other executives
attended a virtual meeting with the regulator on September 8,
according to a presentation that lays out the investor demand
for the product. BTC trading at $47.9K | Source: BTCUSD on
TradingView.com The securities regulator is currently considering
applications from more than 20 companies. It is expected that the
introduction of the first Bitcoin EFT by the SEC will raise the
asset’s technical indicators with the entry of traditional
investors into the market. Featured image from Financial Times,
Chart from TradingView.com
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