SEC is delaying approval decision for Bitwise and Grayscale Bitcoin ETFs
The US Securities and Exchange Commission (SEC) continues to delay decisions on Exchange Traded Bitcoin Funds (ETFs) and has issued two new renewal notices.
On Wednesday, the SEC postponed two major bitcoin exchange proposals, including the “real” bitcoin ETF from NYSE Arca, the Bitwise Bitcoin ETP Trust, and the Grayscale Bitcoin Trust bitcoin ETF.
Accordingly, the SEC is expected to decide by the end of the year whether or not to approve the Bitwise ETF and Grayscale BTC ETF or “initiate the rejection decision process”. February 1st and 6/2 or not.
“The Commission believes it is necessary to set a longer time frame for action and take into account the proposed rule change and any comments,” the SEC wrote in both messages.
As previously reported, Bitwise Asset Management filed for a physical Bitcoin ETF on October 14 to offer access to “real BTC” in lieu of derivative products such as BTC futures contracts or other indirect contacts. The company then dropped an ETF application for BTC futures in November when more such products hit the US market.
To follow Refresh As of now, at the latest, Grayscale is the largest Bitcoin fund in the world with USD 45.6 billion in assets under management. The company filed on October 19 to convert its flagship product, Bitcoin, to an ETF.
The latest news comes as the SEC continues to take a tough stance on physical crypto ETFs while approving several ETFs with indirect impact, including the company’s BTC futures ETF.
In early December, the SEC rejected a bitcoin sports ETF from asset management firm WisdomTree after postponing a decision in June.
In November, the SEC rejected a physical Bitcoin ETF from VanEck, one of the first companies in the world to file such an application. The company is still deciding to start trading Bitcoin ETFs on the Chicago Board Options Exchange.