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The United States Securities and Exchange Commission has not come to a decision whether it would approve a first Bitcoin exchange-traded fund (ETF) in the country.
The commission has extended the original 45-day window to approve a Bitcoin exchange-traded fund from asset manager VanEck. This according to a SEC filing on Wednesday in which the deadline for approval was pushed by 45 days to June 17.
“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received,” said the SEC in the filing.
VanEck had filed their application for Bitcoin ETF with the SEC in March. Other parties have also filed registrations with the commission for Bitcoin ETFs. Valkyrie Digital Assets and Fidelity Investments did so back in January and March, respectively. No approvals so far either for the both.
The process of approval can ultimately take up to almost a year. The SEC has the option to extend the review window up to a total of 240 days before delivering a final decision. The 240 days would follow consecutive extensions of 45-, 45-, 90- and 60-day. Should the SEC’s decision on VanEck play out accordingly, we possibly might have to wait for a ‘verdict’ until mid-November.
We are still waiting for a Bitcoin ETF to be approved by U.S. regulators. Considering van Eck’s case, it can take long. Strange as it may seem, the U.S.’s northern neighbor Canada has already approved multiple Bitcoin ETF’s this year.