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SEC: Spot Bitcoin ETF decision postponed again
- SEC
Source: Unsplash.com
The U.S. Securities and Exchange Commission (SEC) has again postponed the decision on the approval of a spot Bitcoin ETF. According to a statement by the SEC, a decision on the application by the asset manager VanEck will now be made in October.
SEC postpones decision to October 11
The U.S. Securities and Exchange Commission (SEC) has now announced that it is postponing its decision on VanEck’s application for approval of a spot Bitcoin ETF.
JUST IN: 🇺🇸 U.S. SEC postponed its decision on VanEck’s latest #Bitcoin ETF to October 11, 2022.
— BTCATH (@btcathcom) August 26, 2022
In an official statement of the SEC, the decision is explained as follows:
The Commission finds 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 issues raised therein.
Spot Bitcoin ETF approval not in sight
In November 2021, VanEck was already denied the launch of a spot Bitcoin ETF by the SEC and Grayscale also received a refusal from the SEC to convert its GBTC Bitcoin trust fund into an ETF.Â
So far, U.S. investors only have the option to invest in crypto ETFs, whereby certificates on the price of Bitcoin, for example, are offered (so-called futures) instead of buying the physical Bitcoin.
The approval of the first spot Bitcoin ETF and thus a further step towards crypto adoption in the United States is still pending.
Disclaimer
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
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