Tuesday, August 16, 2022

BTC ETF approval wait continues as SEC delays its decision on Wilshire Phoenix’s proposal

The Takeaway:

SEC once again has delayed its decision on a BTC ETF approval. Wilshire Phoenix had applied for its BTC ETF approval in January of this year. SEC will announce its decision on Bitwise's BTC ETF on 13th October. Earlier VanEck pulled its application to approve BTC ETF just one month before the hearing.

The US Securities and Exchange Commission has delayed its decision on Wilshire Phoenix BTC ETF today. The company had filed an application with the SEC in January of this year to list its BTC ETF. The SEC has continued to maintain its firm stance on BTC ETFs.  

Earlier, VanEck and SolidX withdrew their application for approving BTC ETF that they filed in 2018. SEC had scheduled 18th October to announce their decision on companies BTC ETF. However, VanEck announced to launch a different type of BTC ETF that they can issue exclusively to institutes, and it does not require SEC’s approval. 

SEC will next announce its decision on BitWise’s BTC ETF application. There is no much hope of a different result from the SEC. Addressing regulatory issues, Bitwise released a report last week that described in details how BTC ETF would work. 

The SEC so far has not approved or made a decision on any BTC ETF as they believe that the price of the cryptocurrency can be manipulated and also showed concerns regarding liquidity, financial crimes, and other issues. 

SEC Chairman Jay Clayton earlier in an interview with CNBC  said that some progress had been made to approve BTC ETF, but there is still work left to be done. Let us know in comments what do you think about SEC’s indecisive stand on BTC ETFs.

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Dorsey Gray
Dorsey Gray
Dorsey works in the oil and energy industry since he graduated as a mechanical engineer from Bagdad Senior High School. However, he loves to explore and write about the financial world while he sits in the balcony of his beachside room. Dorsey also loves to cook, but just for himself.

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