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The U.S. Securities and Exchange Commission (SEC) has delayed a decision on Grayscale’s Bitcoin ETF application, citing manipulation, liquidity, fraud and other reasons. The agency is once again asking the public to comment on whether a spot Bitcoin ETF poses material risks to investors.
The public has 21 days to comment on these issues and an additional 14 days for responses to those comments.
Grayscale’s initial application was submitted in October, looking to convert shares of GBTC into a spot Bitcoin ETF. In December. the SEC moved forward its decision by another 45 days.
As of February 4, Grayscale holds $36.5 billion in assets under management and is the world’s largest digital asset manager.
Last week, the securities regulator dismissed Fidelity’s ETF application, expressing identical concerns.