Despite Slim Odds of Approval of Bitwise or VanEck’s Bitcoin ETF, Nothing to Know Until October
- SEC Delays Bitcoin ETF yet again
- The final round of deadline will be in October
The US Securities and Exchange Commission (SEC) has yet again delayed its decision on whether to approve or reject a Bitcoin ETF on Tuesday. In a new document published by SEC, the regulator said it would hold off the decision on the Bitwise Bitcoin exchange-traded fund (ETF) proposal filed with NYSE Arca.
First filed in January, the proposal had kicked off a new race to launch a Bitcoin ETF in the US. A Bitcoin ETF is expected to bring in fresh money and as a result, liquidity to the crypto space that could further skyrocket BTC price just like gold did after the launch of its ETF.
The last SEC postponement on both the VanEck SoldiX and Bitwise proposals were made at the end of March, that pushed both to May. The regulator is yet to approve any Bitcoin ETF but crypto industry experts believe it’s just a matter of time just like the agency officials such as SEC Commissioner.
Final Round of Deadline Comes in October
Crypto’s resident lawyer Jake Chervinsky who constantly shares legal clarity took to Twitter where he said another dealy is coming.
The new deadlines as a result of delay are on August 12 and 19. Though VanEck Bitcoin ETF proposal has its deadline coming next Tuesday, it is expected that this proposal will be delayed as well.
Just before the delay, Chervinsky had called out,
“My best guess at the probabilities: Delay – 90%, Denial – 9%, Approval – 1%.”
With higher chances of another delay in August, the final deadline will fall on October 13 for Bitwise ETF and October 18 for VanEck ETF proposal. However, despite the final round of proposals, as we have seen already, the SEC can ask the sponsors to withdraw and refile. This will mean the clock starts all over again.
Just recently another party jumped into the ETF fray. Crypto Crescent Asset Management, a digital asset, and fund manager also proposed a crypto ETF. But this ETF covers one more asset Ether, other than Bitcoin. The firm has partnered up with NYSE Arca but hasn’t filed its proposal formally yet.