Wednesday, October 27, 2021

U.S SEC extends the deadline of four BTC ETFs by 45 days.

The Takeaway:

The SEC has extended the decision timeline of four Bitcoin ETFs, including Global X Bitcoin Trust, by 45 days.

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The U.S Securities and Exchange Commission (SEC) has extended the deadline of four Bitcoin exchange-traded funds (ETFs) on Friday for 45 days, citing the requirement for additional time to decide whether to accept the 19b-4 applications. The U.S SEC has been consistently reluctant in approving a Bitcoin ETF so far. The financial regulator has been delaying its decision on a Bitcoin ETF for years and years now. 

 

SEC once again delays a result on the approval of four Bitcoin ETFs.

The approval of four Bitcoin ETFs — Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF was rescheduled to the respective dates: Nov. 21st, Dec. 8th, Dec. 11th, Dec. 24th. “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 any comments,” SEC outlined in its official statement. With the change in U.S administration, some in the crypto community had hoped for approval of a bitcoin ETF.  

 

SEC chair Gary Gensler reiterated his support for a narrow class of BTC ETFs.

US SEC chairman Gary Gensler reiterated his support Wednesday for a narrow class of bitcoin exchange-traded funds (ETFs) that would invest in futures contracts instead of the crypto itself. Gensler singled out bitcoin ETFs, which invest in futures contracts that trade on the Chicago Mercantile Exchange and register under the Investments Company Act of 1940. The so-called ‘40 Act “provides significant investor protections,” he said in prepared remarks for a Financial Times conference: “I look forward to staff’s review of such filings.”

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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.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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