SEC Delays Decisions on Spot Bitcoin ETFs
The Securities and Exchange Commission (SEC) has announced its decision to delay the approval or disapproval of proposed spot bitcoin exchange-traded funds (ETFs) from VanEck, WisdomTree, and Fidelity. The regulator has initiated additional proceedings and is seeking input from commentators for a period of 21 days. Commentators can submit written data, views, and arguments regarding the proposed ETFs. Following this, there will be a 35-day rebuttal period. The extended timeline indicates that the approval process for these ETFs will likely be prolonged by several months.
Surveillance-Sharing Agreement with Coinbase
The SEC has also requested fresh views on a proposed surveillance-sharing agreement with cryptocurrency exchange Coinbase. In its filings, the SEC is seeking feedback on whether the Chicago Mercantile Exchange, where CME bitcoin futures trade, can be considered a regulated market of significant size in relation to spot bitcoin. This move follows similar filings made earlier this week for proposed funds from BlackRock, Invesco, Valkyrie, and Bitwise. All pending applications for spot bitcoin ETFs have been delayed by the SEC.
Hot Take: SEC Continues to Stall Bitcoin ETF Approvals
The SEC’s decision to delay the approval of spot bitcoin ETFs from VanEck, WisdomTree, and Fidelity indicates that regulatory clarity for cryptocurrency investment products is still elusive. By initiating additional proceedings and seeking input from commentators, the SEC is further extending the already lengthy approval process. The requested feedback on a surveillance-sharing agreement with Coinbase highlights the SEC’s concerns regarding market manipulation and investor protection. With all pending applications now delayed, it seems that investors will have to wait even longer before gaining access to regulated bitcoin ETFs in the United States.
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