SEC Postpones Decision to Approve First US Bitcoin ETF
The SEC on Wednesday announced that it would postpone its decision on whether or not to approve America’s first bitcoin ETF until June, as the regulator’s chief requires additional time to review the application.
Back in March, the SEC received an application from CBOE Global Markets, which seeked to gain approval to list shares of VanEck’s bitcoin ETF. It takes approximately 45 days for the SEC to render a decision, with the window slated to end on May 3. However, the regulatory body Wednesday announced that it has delayed its decision until June 17.
“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 the comments received,” said SEC assistant secretary J. Matthew DeLesDernier in a filing.
Although several bitcoin ETFs do currently exist in the US, they are not directly related to bitcoin. Instead, they own a portfolio of stocks that have exposure to cryptocurrencies. The bitcoin ETF from asset manager VanEck was slated to be the first of its kind in the US, with Fidelity following close behind after it disclosed in a March government filing that it too, is in the midst of launching its own bitcoin ETF.
Canada’s financial regulator on the other hand, has already approved a publicly traded bitcoin ETF— becoming the first in North America. Back in February, the Ontario Securities Commission granted approval to asset manager Purpose Investments to launch a bitcoin ETF for listing on the Toronto Stock Exchange.
Information for this briefing was found via the SEC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
