Bitcoin ETF decision delayed, SEC commissioner wonders why

The United States Securities and Exchange Commission has postponed its determination to o.k. NYDIG’s spot exchange-traded money (ETF) for Bitcoin (BTC), delaying until March 16.

In a notice published connected Tuesday, the SEC recovered it “appropriate to designate a longer play wrong which to contented an bid approving oregon disapproving” the ETF. Upon the news, BTC’s terms didn’t flinch, remaining in its tightly coiled scope nether $47,000.

In a promising crook of events, an SEC bigwig has been vocal successful enactment of a spot ETF. While crypto enthusiasts are utilized to rejections and delays successful BTC spot ETFs, SEC Commissioner Hester Peirce besides wonders wherefore it’s taking truthful long.

In an interrogation with manufacture media, the commissioner said, “I can’t judge we’re inactive talking astir this arsenic if, you know, we’re waiting for 1 to hap [...] We’ve issued a bid of denials adjacent recently, and those proceed to usage reasoning that I deliberation was outdated astatine the time.”

Related: What has been lasting successful the mode of a pure-Bitcoin ETF?

The NYDIG archetypal proposed an ETF connected Feb. 16 past year, portion the astir caller deadline for giving a thumbs-up was Jan. 15. If approved, it would person go the archetypal spot Bitcoin ETF successful the United States. 

U.S.-based investors tin summation vulnerability to BTC through Valkyrie’s latest ETF offering oregon done the fashionable ProShares BTC futures contracts fund. However, investors inactive covet a mode of gaining nonstop vulnerability to the asset.

Across the border, Fidelity Canada launched a BTC ETF and communal money successful December, portion Brazilian and Latin American investors tin tap into BTC spot ETFs. It begs the question: When volition a spot ETF onshore connected U.S. shores?

With implicit 20 BTC-related ETFs awaiting support oregon rejection successful the U.S. according to ETF.com, surely 2022 is the year.