The USA Securities and Alternate Fee has postponed its decision on whether or not to approve a Bitcoin (BTC) exchange-traded fund.
The SEC has delayed its decision 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 keeping with an official Tuesday submitting by the SEC, the fee has discovered 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 software for the Valkyrie Bitcoin Belief on the New York Inventory Alternate this January.
The SEC famous that it has obtained feedback on the fund that had been revealed in Might 2021. The authority mentioned that it’s extending the evaluate interval for the ETF by 45 days, rescheduling the decision for Aug. 10.
The brand new regulatory delay comes shortly after the SEC delayed approval for an additional main Bitcoin ETF, extending final week the evaluate interval for VanEck’s Bitcoin Belief for the second time this 12 months. The regulator mentioned that the SEC was searching for extra public feedback over a 45-day interval.
Associated: VanEck recordsdata for a brand new Bitcoin futures mutual fund with US SEC
VanEck Associates CEO Jan van Eck has said that approval might solely be a matter of time given the large demand for a Bitcoin ETF in the USA. The exec additionally urged that the most recent delay couldn’t be the final. “They don’t need to really make a decision in August. It’s sort of an artificial deadline, as was the one last week. The SEC is just not moving fast on this,” he mentioned.