SEC Delays four Bitcoin ETF Deadlines — Regulator ‘Finds It Appropriate to Designate a Extended Amount of Time’

On Friday, the U.S. Securities and Exchange Commission (SEC) delayed four bitcoin exchange-traded funds (ETF) deadlines for one more forty five days. The regulator notes that the entity wants longer to come to a decision on the ETF applications.

Global X, Kryptoin, Valkyrie, Wisdomtree Bitcoin ETF Deadlines Extended

The Kryptoin Bitcoin ETF, world X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, and Wisdomtree Bitcoin Trust have all been delayed as per the most recent SEC filing. ”The forty-fifth day of publication of the notice for this projected rule amendment is Oct. 24, 2021,” the U.S. regulator’s filing details. whereas there’s been an oversized amount of bitcoin ETFs filed within the U.S., the SEC has nevertheless to approve any of them.

The SEC filing was revealed by the regulator’s assistant secretary J. Matthew DeLesDernier. “The Commission finds that it’s applicable to designate an extended amount inside that to require action on the projected rule amendment so it’s a decent time to contemplate the projected rule amendment and any comments,” DeLesDernier details. The regulator adds:

“Accordingly, consistent to Section 19(b)(2) of the Act, Commission designates December 8, 2021, because the date by that the Commission shall either approve or disapprove, or institute proceedings to see whether or not to disapprove, the proposed rule change, as modified by amendment No. 1 (File No. SR-Nasdaq-2021-066).”

Speculators Expected a Bitcoin ETF Approval by the End of October

Many speculators thought that a bitcoin ETF would be approved this year. Bloomberg Analyst Eric Balchunas told the general public on Twitter that he believed the ETF would be approved by the end of October. Balchunas stressed that the Proshares Bitcoin ETF is also the probable candidate.

“New note out today from James Seyffart [on] however the Ether ETF withdrawals boost the probability that a bitcoin futures ETF are going to be launched by end of October with Proshares as favorite, [although] it may (and arguably should) be a gaggle to avoid first-mover advantage,” Balchunas same. The Bloomberg analyst added:

“We think ether withdrawal shows SEC includes a nose during this [right now] and is in [regular] contact with issuers that ought to mean any kinks ironed out so they can launch 75 days when filing. Further, ProFunds’ bitcoin MF was launched seventy 77 days after filing. These are virtually the same thing.”

As so much because the four bitcoin ETFs that were delayed on Fri, they’ll ought to wait many, a lot of weeks with patience. “The Commission shall either approve the projected rule amendment, disapprove the projected rule amendment, or institute proceedings to see whether or not the projected rule amendment ought to be marginal,” the SEC filing concludes.