The regulator now must reach a decision by Aug. 14 or delay the decision one final time.
The U.S. Securities and Exchange Commission has delayed its decision on whether or not to approve Bitwise’s Bitcoin ETF.
The SEC previously delayed its decision in December.
The regulator can postpone matters once more to Oct. 13, 2022.
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The SEC has delayed its decision on a proposal for a Bitcoin ETF from Bitwise Asset Management, according to a filing from the regulator today.
SEC Delays Choice on Bitwise ETF
The U.S. Securities and Exchange Commission’s filing postpones the approval or rejection of Bitwise’s ETF, which aimed for a listing on ICE’s NYSE Arca exchange in the near future.
In the relevant filing, the SEC also issued a request for comments. It sought information on expected trading volumes, protections against fraud and manipulation, and other matters.
Bitwise and NYSE Arca submitted their application and proposed rule change in October. The SEC delayed its decision on the proposal in December. Prior to this new delay, the regulator would have been forced to make a decision by today, Feb. 1.
Jake Chervinsky of the Blockchain Association noted today that the SEC’s deadline is now August 14. He added that the SEC can delay its decision just “one more time to a final deadline” of Oct. 13.
The SEC Has Denied Many ETFs
Bitwise is one of many firms aiming to create the first Bitcoin exchange-traded fund, which would provide exposure to the value of Bitcoin without requiring investors to actually purchase crypto.
Despite the SEC’s repeated failure to approve a Bitcoin spot ETF, the company approved several Bitcoin futures ETFs last year. Valkyrie, VanEck, and ProShares now offer those investment funds.
As such, many in the crypto industry remain optimistic that the SEC will soon approve a Bitcoin spot ETF.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
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