In Brief:
- The SEC has delayed a decision until November 14.
- VanEck applied to the U.S SEC for Bitcoin ETF in December 2020
- The commission is extending the time period for approving/disapproving the proposed rule for additional 60 days.
The U.S Securities and Exchange Commission(SEC) has again extended its review of the VanEck Bitcoin exchange-traded fund (ETF) proposal.
According to an extension notice, the regulator said that it intends to take an additional 60 days to review the proposed rule change.
The answer can be expected on November 14, 2021, as the date by which the commission shall “either approve or disapprove the proposed rule change.”
The New York-based asset management firm is awaiting either yes or no from the SEC for its December 2020 Bitcoin ETF application. VanEck made an amendment to the application in March, and since then, the SEC has delayed giving it an answer.
The SEC is allowed to take as much as 180 days from the date the submitting was disclosed to decide. That was due on Sept 15.
The other companies are also waiting for approval from the SEC. It includes WisdomTree, Skybridge, Valkyrie, Fidelity, much more. SEC chair Gary Gensler has said that the SEC is more likely to approve a product tied to bitcoin futures.
In August 2021, VanEck filed for an Ethereum futures fund listing but withdrew the filing just a few days later.
