The proposal to launch a bitcoin ETF in the U.S. was first filed in January of the year 2019. At a time that early in the year and approval would have ushered in fresh money to the system thereby bringing liquidity to the crypto space. On Tuesday, May 14, the U.S. Securities and Exchange Commission (SEC) again delayed a decision on whether to approve or reject a bitcoin exchange-traded fund (ETF).
A new document has been published by the Securities and Exchange Commission. In the document published, the regulatory body revealed that it would halt decision making regarding the Bitwise ETF proposal filed with NYSE Arca. According to the regulator, after the latest document regarding the Bitwise ETF is published in the Federal Register, there will be a three weeks public comment period, and a supplementary two weeks for responses.
In partnership with NYSE Arca, another proposal for a crypto ETF has also been put forward by Crypto Crescent Asset Management, a digital asset and fund manager. It is expected that this Crypto ETF would give customers exposure to both bitcoin and ether. The crypto firm has however not formally filed its proposal.
A decision on both the Bitwise and VanEck/SolidX proposals had been postponed at the end of March this year by the SEC. And both were pending till this month, May. The belief of both experts is that approval will suffice for bitcoin ETFs, in a matter of time even as the regulator is yet to approve any.
Credits -Nikhilesh De
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