The United States Securities and Exchange Commission (SEC) has been maintaining its tough stance on Bitcoin exchange traded funds (ETF), by extending its window to approve or disapprove spot BTC ETF applications from asset managers WisdomTree and One River.
The SEC will extend the deadline for approving or rejecting a rule change that will allow shares of the WisdomTree Bitcoin Trust and One River Carbon Neutral Bitcoin Trust to be listed on the Cboe BZX Exchange and the NYSE Arca, respectively, according to separate Friday filings. The agency said it will extend the decision deadlines for WisdomTree’s Bitcoin investment vehicle and One River’s to May 15 and June 2, respectively.
After multiple delays, the SEC rejected WisdomTree’s spot BTC ETF proposal in December 2021. The regular stated at the time that the BZX exchange did not give enough data to prove that the crypto market is immune to manipulation or to address issues about potential fraud and exploitation sources. In February 2022, WisdomTree applied for another spot BTC ETF listing.
After filing for a proposed rule change listing on NYSE Arca on Oct. 5, One River’s BTC investment vehicle will be approaching its final date in 2022. The commission had planned to make a judgment or extend its consideration period on the crypto ETF by April 3, but instead elected to extend the deadline by 60 days, until June 2, 2022. Before making a final judgment, the SEC might extend the consideration period or open the application to public comment for up to 240 days.
Delaying story by SEC
This is not the first time the SEC is delaying the decision on the approval of a Bitcoin ETF. Before this, in February as TheCoinRise reported, it postponed the decision on Grayscale’s BTC ETF. After these reports, Grayscale launched a campaign for U.S. investors to comment on its ETF application.
The SEC commissioner Hester Peirce talked about the concern and displayed surprise as to why it is taking too much time.
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