The US Securities and Trade Fee has postponed its determination to approve NYDIG’s spot exchange-traded fund (ETF) for Bitcoin (BTC), delaying till March 16.
In a notice printed on Tuesday, the SEC discovered it “applicable to designate an extended interval inside which to problem an order approving or disapproving” the ETF. Upon the information, BTC’s worth didn’t flinch, remaining inits tightly coiled vary underneath $47,000.
In a promising flip of occasions, an SEC bigwig has been vocal in assist of a spot ETF. Whereas crypto fans 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 imagine we’re nonetheless speaking about this as if, you recognize, we’re ready for one to occur […] We’ve issued a sequence of denials even lately, and people proceed to make use of reasoning that I feel was outdated on the time.”
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 authorised, it could have turn out to be the primary spot Bitcoin ETF in america.
U.S.-based traders can acquire publicity to BTC via Valkyrie’s newest ETF providing or via the favored ProShares BTC futures contracts fund. Nevertheless, traders nonetheless covet a method of gaining direct publicity to the asset.
Throughout the border, Constancy 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 line with ETF.com, certainly 2022 is the 12 months.
