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The Securities and Exchange Commission (SEC) has postponed its decision related to four Bitcoin Exchange Traded Funds (ETF) applications. The decisions regarding the Bitcoin ETF are put off until November 2021, citing the requirement for additional time to decide on the acceptability of the proposals. The details of the postponement of the decision are contained in an order notice by the commission.
There are new filings for ETF approval happening every month. There are a total of 19 Bitcoin ETF applications already on the SEC table. Investors consider the approval of Bitcoin ETF as a step to legitimize the industry and as a method of pushing it mainstream. The approval of every ETF application is going to kick start a bull run.
Cryptocurrency ETFs are not a new thing. They are already there in countries like Canada and Brazil, when this gets approved in the US this will be a major milestone in the industry.
According to unofficial sources, the list of funds that have applied for ETF approval are Bitwise Bitcoin Strategy ETF, Advisor Shares Managed Bitcoin ETF, Galaxy Bitcoin Strategy ETF, Valkyrie Bitcoin Strategy ETF, Bitcoin Strategy ETF, ProShares Bitcoin Strategy ETF, Invesco Bitcoin Strategy ETF, Global X Bitcoin Trust, ARK 21 Shares Bitcoin ETF, One River Carbon Neutral Bitcoin Trust, Teucrium Bitcoin Futures Fund, Galaxy Bitcoin ETF, Kryptoin Bitcoin ETF Trust, Wise Origin Bitcoin Trust, First Trust SkyBridge Bitcoin Strategy ETF, Wisdom Tree Bitcoin Trust, NYDIG Bitcoin ETF, Valkyrie Bitcoin Fund, VanEck Bitcoin Trust.
Approving and disapproving the ETFs have major consequences and therefore the SEC has required a longer period in this regard. Several issues have been raised by comment letters from users.
Authorities have to state that the decisions on the exchanges will be public by November 21, December 8, December 11, and December 24, respectively.
The four affected entities that have proposed and received an extension are Issuers Global X, Valkyrie, WisdomTree, and Kryptoin.
The expectation was that Gary Gensler, would speed up the approval of a Bitcoin ETF, however, it is the reverse. The commission postponed its decision regarding the application to November 14, 2021.
Gary Gensler pointed to how the commission will be more open to reviewing applications for a bitcoin ETF that are tied to futures under the Investment Company Act of 1940.
Meanwhile, Bitcoin ETFs trading in Brazilian Exchanges is rocking. Bitcoin’s entry into the stock market represents a historic moment for the crypto market and also the conventional financial markets.
