Bitcoin ETF decision delayed, SEC commissioner wonders why

Share This Post

In a blow for bruised Bitcoin bulls, the long-awaited NYDIG Bitcoin ETF has suffered another setback.

The United States Securities and Exchange Commission has postponed its decision to approve NYDIG’s spot exchange-traded fund (ETF) for Bitcoin (BTC), delaying until March 16.

In a notice published on Tuesday, the SEC found it “appropriate to designate a longer period within which to issue an order approving or disapproving” the ETF. Upon the news, BTC’s price didn’t flinch, remaining in its tightly coiled range under $47,000.

In a promising turn of events, an SEC bigwig has been vocal in support of a spot ETF. While crypto enthusiasts are used to rejections and delays in BTC spot ETFs, SEC Commissioner Hester Peirce also wonders why it’s taking so long.

In an interview with industry media, the commissioner said, “I can’t believe we’re still talking about this as if, you know, we’re waiting for one to happen […] We’ve issued a series of denials even recently, and those continue to use reasoning that I think was outdated at the time.”

Related: What has been standing in the way of a pure-Bitcoin ETF?

The NYDIG first proposed an ETF on Feb. 16 last year, while the most recent deadline for giving a thumbs-up was Jan. 15. If approved, it would have become the first spot Bitcoin ETF in the United States. 

U.S.-based investors can gain exposure to BTC through Valkyrie’s latest ETF offering or through the popular ProShares BTC futures contracts fund. However, investors still covet a way of gaining direct exposure to the asset.

Across the border, Fidelity Canada launched a BTC ETF and mutual fund in December, while Brazilian and Latin American investors can tap into BTC spot ETFs. It begs the question: When will a spot ETF land on U.S. shores?

With over 20 BTC-related ETFs awaiting approval or rejection in the U.S. according to ETF.com, surely 2022 is the year.

Read Entire Article
spot_img

Related Posts

Dogecoin Whales Moving Around Massive Amounts: What Are They Up To?

On-chain data shows that the Dogecoin whales have recently made massive moves Here’s where these moves have been heading Dogecoin Network Has Witnessed Some Large Moves Recently According to

Analysts Bullish On Bitcoin Despite Peter Schiff’s $20,000 Doom Scenario

Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the

Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over

A crypto analyst known as Yomi has noted that the Dogecoin recent price action could turn bullish after this week According to Yomi, DOGE is on the verge of creating a golden cross on its price

Toncoin And WIF Beat Out Dogecoin, Shiba Inu To Clinch Title For Best Perfoming Altcoins

Toncoin (TON) and Dogwifhat (WIF) are in the spotlight, having emerged as the best-performing altcoins since the start of the year ahead of other performing altcoins like Dogecoin (DOGE) and Shiba

On-chain sleuth ZachXBT says X’s controversial ‘not a bot’ fee unlikely to eliminate scams

Crypto commentator ZachXBT criticized an annual fee that X now requires from new accounts ZachXBT wrote on April 15 that the new policy will not eliminate bot account-driven scams because

Analyst Predicts $650K Bitcoin Price Once ETF Investors Fully Deploy Asset Manager Recommendations

Popular onchain analyst Willy Woo has predicted a potential bitcoin price surge to $650,000 at the bull market’s peak His prediction hinges on spot bitcoin exchange-traded fund (ETF) investors
- Advertisement -spot_img