SEC Further Delays Bitcoin Spot ETF Decision – Crypto Briefing

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The Securities and Exchange Commission has delayed its decisions on two different Bitcoin spot exchange-traded funds. 
The SEC has extended the period by which it can review and decide upon two separate Bitcoin spot ETF proposals, one by Bitwise and the other by Grayscale, the world’s largest digital currency manager with around $50 billion in assets under management. 
The Commission has extended the periods for both ETF proposals by 45 days. The Bitwise proposal was slated to be decided on by tomorrow, while the decision for Grayscale’s proposal was set for Dec. 23. Now, the SEC will either approve, disapprove, “or institute proceedings to determine whether to disapprove” by February 1, 2022 for Bitwise and by February 6, 2022 for Grayscale. 
Spot ETFs differ from the futures-based Bitcoin ETFs that have been approved in recent months, with the first gaining approval from the SEC in October and hitting record trading volume soon thereafter. In contrast to futures ETFs, spot ETFs provide investors with direct exposure to the underlying asset.
In explaining its decision for the delays, the SEC wrote that “it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received.” 
In contrast to these delays, the SEC has outright rejected Bitcoin spot ETFs before. For example, it rejected VanEck’s application on Nov. 13. However, the Commission emphasized that it did not do so out of general disapproval for Bitcoin or blockchain technology. This clarification did not stop Grayscale from sending a letter this month to the SEC expressing its disapproval of the fact that it has approved Bitcoin futures ETFs but not Bitcoin spot ETFs.
Outside the U.S.already exist tradable Bitcoin spot ETFs, such as in Canada.
While the crypto markets lately have perhaps been rather in need of a major, positive catalyst, it seems unlikely that will come from a Bitcoin spot ETF approval anytime soon. 
Disclosure: At the time of writing, the author of this piece owned BTC and several other cryptocurrencies. 
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