Friday, July 30, 2021

US SEC delays its decision on Valkyrie Bitcoin ETF.

The Takeaway:

The United States Securities and Exchange Commission has once again postponed its decision on whether to approve a Bitcoin exchange-traded fund.

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The US SEC has delayed its decision on a Bitcoin ETF filing by Texas-based family investment fund Valkyrie Digital Assets back in January this year after receiving comments on the proposed rule change regarding the new fund. The financial regulator has continued to delay its decision on a BTC ETF as the crypto community continues to wait. According to an official Tuesday filing by the SEC, the commission has found that it was appropriate to designate a longer period to take action on the proposed rule change regarding the Bitcoin ETF. 

 

The SEC extends the review period for the ETF by 45 days.

Valkyrie initially filed its application for the Valkyrie Bitcoin Trust on the New York Stock Exchange this January. The SEC noted that it had received comments on the fund that were published in May 2021. The financial regulator said that it is extending the review period for the ETF by 45 days, rescheduling the decision for Aug. 10. The new regulatory delay comes right after the SEC delayed approval for another major Bitcoin ETF- extending the review period for VanEck’s BTC ETF for the second time this year. 

 

VanEck submits a Bitcoin Strategy Fund application with the SEC. 

Investment management firm VanEck has filed yet another application with the U.S. SEC, this time for a Bitcoin Strategy Fund – a bitcoin futures mutual fund. Bitcoin Strategy Fund offers investment in bitcoin futures contracts in addition to pooled investment vehicles and exchange-traded products with exposure to the cryptocurrency. VanEck emphasized that this fund does not invest in bitcoin directly. According to the filing with SEC, the proposed fund will invest in “certain” bitcoin futures through a subsidiary of the fund that falls under the laws of the Cayman Islands.

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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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