The US Securities and Exchange Commission (SEC) has postponed its verdict on NYDIG’s spot Bitcoin ETF or exchange-traded fund, putting it off until March 16.
The SEC concluded that it was “appropriate to designate a longer period within which to issue an order approving or disapproving” the ETF in a notice released on Tuesday. BTC’s price did not flinch in response to the news, holding tightly below $47,000.
Interestingly, an SEC official has spoken out in favor of a spot ETF, which is an encouraging development. While crypto fans are used to delays and denials in BTC spot ETFs, SEC Commissioner Hester Peirce is perplexed as to why it is taking so long.
“I can’t believe we’re still talking about this as if, you know, we’re waiting for one to happen,” the commissioner said in an interview with industry media. Even recently, we’ve issued a series of denials that continue to rely on the reasoning that I believe was outdated at the time,” he adds.
Over 20 Bitcoin ETF waiting for approval in 2022
The NYDIG requested an ETF for the first time on February 16 of last year, and the most recent date for approval was January 15. It would have been the first Bitcoin ETF in the United States if it had been approved.
BTC can be acquired in the United States through Valkyrie’s latest ETF or the popular ProShares BTC futures contracts fund. Investors, on the other hand, continue to yearn for a way to obtain direct exposure to the asset.
Fidelity Canada launched a BTC ETF and mutual fund in December, and BTC spot ETFs are available to Brazilian and Latin American investors. It raises the question of when a spot ETF will arrive in America.
According to ETF.com, more than 20 Bitcoin ETFs are pending approval in the country; thus, 2022 is undoubtedly the year.