The Americans have been waiting for a spot for quite some time now bitcoin (BTC) ETF, either exchange-traded fund. Bitcoin company NYDIG has submitted a request for such a bitcoin ETF, but the decision on this is still pending.
‘s request NO has been filed with the US Securities and Exchange Commission (SEC), but a decision has thus been postponed. The new deadline is now March 16. In a notice gave the SEC know that it is appropriate to take more time to approve or disapprove of NYDIG’s BTC ETF. However, SEC Commissioner Hester Peirce wonders why it has taken so long:
“I can’t believe we’re still talking about this, like we’re waiting for something to happen. We’ve even issued a string of denials recently. Arguments continue to be used that I believe were outdated at the time.”
NYDIG already presented their bitcoin ETF proposal in February of last year and should expect an answer next January 15. That has now been postponed until at least March 16. If approved by the first deadline, it would have been the first spot bitcoin ETF in the US market. Others may now be able to take advantage of that scoop, according to ETF.com more than 20 applications are still awaiting a decision.
Criticism of the SEC
The SEC can also count on enough criticism regarding their decisions. First, a delay is nothing new. The decisions about the applications of, for example, Grayscale en Bitwise have also been moved to February 6 and February 1, respectively.
In addition, Grayscale recently spoke out strongly about the actions of the SEC. For example, they call the disapproval of a bitcoin ETF from VanEck ‘unacceptable’, after it was approved in the first place. Attorneys David Polk & Wardwell call the Securities and Exchange Commission decision “arbitrary and capricious.”
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