Bitcoin ETF decision delayed, SEC Commissioner wonders why

The United States Securities and Exchange Commission has postponed its decision to approve NYDIG’s spot exchange-traded fund (ETF) for Bitcoin (BTC), delaying till March 16.

In a discover revealed on Tuesday, the SEC discovered it “appropriate to designate a longer period within which to issue an order approving or disapproving” the ETF. Upon the information, BTC’s worth didn’t flinch, remaining in its tightly coiled vary below $47,000.

In a promising flip of occasions, an SEC bigwig has been vocal in help of a spot ETF. While crypto fanatics are used to rejections and delays in BTC spot ETFs, SEC Commissioner Hester Peirce additionally wonders why it’s taking so lengthy.

In an interview with trade media, the commissioner mentioned, “I can’t believe we’re still talking about this as if, you know, we’re waiting for one to happen […] We’ve issued a series of denials even recently, and those continue to use reasoning that I think was outdated at the time.”

Related: What has been standing in the way in which of a pure-Bitcoin ETF?

The NYDIG first proposed an ETF on Feb. 16 final 12 months, whereas the latest deadline for giving a thumbs-up was Jan. 15. If authorized, it might have turn into the primary spot Bitcoin ETF within the United States. 

U.S.-based traders can acquire publicity to BTC by way of Valkyrie’s newest ETF providing or by way of the favored ProShares BTC futures contracts fund. However, traders nonetheless covet a approach of gaining direct publicity to the asset.

Across the border, Fidelity Canada launched a BTC ETF and mutual fund in December, whereas Brazilian and Latin American traders can faucet into BTC spot ETFs. It begs the query: When will a spot ETF land on U.S. shores?

With over 20 BTC-related ETFs awaiting approval or rejection within the U.S. in accordance with ETF.com, absolutely 2022 is the 12 months.