The SEC has extended the decision period of four Bitcoin ETFs by 45 days

The United States Securities and Exchange Commission (SEC) is submitting Bitcoin EFT applications to increase the weight of its options. The most powerful regulator on Wall Street has again extended the deadline for deciding whether to approve the Bitcoin Exchange-Traded Fund (ETF). The commission has extended the deadline of four applications by 5 days.

The first decision to change the proposed rules for listing and transactions in Bitcoin ETFs has been postponed until November.

New deadlines set by the SEC

The four Bitcoin ETFs awaiting the decision of the Global X Bitcoin Trust, Valkiri XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Cryptoin Bitcoin ETF Commission. Approval was rescheduled for November 21, December 8, December 11 and December 24, respectively.

The SEC said in an official statement, “The Commission deems it appropriate to set a long time limit for taking action on the proposed rule change so that there is sufficient time to consider the proposed rule change and any comments.”

In September, the SEC issued a statement announcing that it was extending its decision to approve the Vanek Bitcoin Trust by 10 days to 1 November 14. On April 2, the SEC said its verdict on Vanek’s filing would come soon in June. This is just a few hours before the previous deadline. Vanek’s filing companies have launched Sprint to file for Bitcoin ETF approval.

Related Reading | Will the SEC approve a Bitcoin Futures ETF in 2021? There are effects here

SEC Chairman Gary Gensler is moving aggressively to impose stricter restrictions on cryptocurrencies. In a recent interview with the Washington Post, he compared stable coins to poker chips. However, he indicated that he is more open to cryptocurrency ETFs, suggesting that those who adhere to strict rules for mutual funds can protect investors.

Bitcoin exchange-traded funds in the United States

Exchange-traded fund managers are keen to jump into the cryptocurrency trading wagon. However, they may wait longer than expected after comments by Gary Gensler, chairman of the Securities and Exchange Commission, in anticipation of a quick approval of the Bitcoin ETF this year.

Gensler has previously raised his concerns about careless oversight, and his position indicates that the Commission intends to impose stricter regulations on cryptocurrencies before approving a list of Bitcoin ETF applications. After filing for approval by VanEx and WisdomTree in May, a growing number of Ethereum ETF applications have joined the waiting list. The SEC has rejected some previous Bitcoin ETF applications.

Related Reading | How the SEC “dug a hole” without approving the Bitcoin ETF

In a June 16 release, regulators said they would take extra time to solicit comments from the public. The SEC specifically sought investors’ views on Bitcoin ETFs.

In early September, Fidelity Digital Assets met with regulators in person to approve their proposed bitcoin exchange-trading fund. They argued that the cryptocurrency market is now large enough to support it. Investment firm President Tom Jessup and other executives attended a virtual meeting with the regulator in September, according to a presentation that highlighted investors ’demand for the product.

BTC trading at $47.9K | Source: BTCUSD on

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 boost the technical index of assets with the entry of conventional investors in the market.

Featured image from Financial Times, Chart from

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