SEC Further Delays Bitcoin Spot ETF Decision – Crypto Briefing

Don’t Miss Market Moving News
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. 
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Get daily crypto briefings and weekly Bitcoin market reports delivered right to your inbox.

source

The Top Ten Modern Business Skills For 2022

NEW YORK--(BUSINESS WIRE)--“Communication”, “critical thinking” and “data literacy” are among the skills that workers need in order to thrive in 2022, according to a...

Softbank leads $127 million funding round for Brazilian healthcare startup Alice – Reuters

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File PhotoSAO PAULO, Dec...

How many unicorn companies are in the UK? | Fool UK – Motley Fool UK

The Motley Fool's personal finance site is devoted to helping you live a richer life.Let’s conquer your financial goals together… faster!The Motley Fool's ...

- Advertisement -

The Top Ten Modern Business Skills For 2022

NEW YORK--(BUSINESS WIRE)--“Communication”, “critical thinking” and “data literacy” are among the skills that workers need in order to thrive...

Expose your thoughts

LEAVE A REPLY

Please enter your comment!
Please enter your name here