The U.S. Securities and Exchange Commission (SEC) on Friday delayed the maturities of four bitcoin exchange-traded funds (ETFs) by 45 days. The regulator notes that the entity needs more time to decide on the ETF applications.
Global X, Kryptoin, Valkyrie, Wisdomtree Bitcoin ETF Extended Deadlines
The Kryptoin Bitcoin ETF, Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund and Wisdomtree Bitcoin Trust have all been delayed according to the latest SEC filing. “The 45th day after publication of the notice for this proposed rule change is October 24, 2021,” the U.S. regulator’s filing details. Although there have been a large amount of bitcoin ETFs deposited in the United States, the SEC has yet to approve any of them.
The SEC filing was published by the regulator’s assistant secretary J. Matthew DeLesDernier. “The Commission considers it appropriate to designate a longer period to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments,” DeLesDernier explains. The regulator adds:
Accordingly, pursuant to Section 19(b)(2) of the Act, Commission designates December 8, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change, as modified by Amendment No. 1 (File No. SR-Nasdaq-2021-066).
Speculators expected Bitcoin ETF approval by the end of October
Many speculators believed that a bitcoin ETF would be approved this year. Bloomberg Analyst Eric Balchunas told the public on Twitter that he believed an ETF would be approved by the end of October. Balchunas pointed out that the Proshares Bitcoin ETF could be the likely candidate.
“New note out today from James Seyffart [on] how the Ether ETF withdrawals add to the likelihood that a bitcoin futures ETF will be launched by end of October with Proshares as favorite, [although] it could (and arguably should) be a group to avoid first-mover advantage,” Balchunas said. The Bloomberg analyst added:
We think the ether withdrawal shows the SEC has a flair in this area [right now] and is in [regular] contact with issuers which should mean all issues have been resolved so they can be started 75 days after filing. Further, ProFunds’ bitcoin MF was launched 77 days after filing. These are virtually [the] same thing.
As for the four bitcoin ETFs that were delayed on Friday, they will have to wait patiently for a few more weeks. “The Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved,” the SEC filing concludes.
