SEC announces postponement of decision on Valkyrie’s Bitcoin ETF

SEC announces postponement of decision on Valkyrie’s Bitcoin ETF

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Answer SEC announces postponement of decision on Valkyrie’s Bitcoin ETF

The US Securities and Exchange Commission (SEC) has again postponed its decision on Valkyrie’s Bitcoin ETF.

In a public notice dated November 1, the lead regulator extended the deadline to January 7, 2022.

This is another delay in the Bitcoin ETF proposal as the first extension was set on December 8 by the SEC before being changed again on Monday.

Thus, it is clear that the US will not see the first spot Bitcoin ETF this year.

In the SEC Notice and Statement, it was stated that:

The SEC considers it appropriate to establish a longer period during which an order to approve or reject a proposed rule change so that it has sufficient time to consider the issues raised.

Read:Learn the story of a British teacher who lost her savings in a Bitcoin scam on Instagram

The delay in the decision to approve the spot bitcoin ETF came as no surprise to many as SEC chair Gary Gensler explained that crypto ETF products linked to the futures market have a higher chance of approval.

This was achieved in October when the SEC approved two bitcoin futures-based ETFs.

ProShares’ first bitcoin futures ETF broke several records to become the fastest ETF to reach $1 billion in assets.

He told Eric Balchonas, an analyst at Bloomberg who correctly predicted approval of the Bitcoin futures ETF, and said he wouldn’t be surprised by the SEC’s recent delay.

He had previously predicted that the SEC would eventually give the green light by the first quarter of 2022.

Australia breaks with USA and approves Bitcoin ETF:

The US Securities and Exchange Commission may be reluctant to approve this year’s spot bitcoin ETF, but Australia’s top security regulator has already given the nod to approve the spot bitcoin ETF, making it the second country after Canada to approve the spot bitcoin ETF.

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Earlier, Canada took the lead in becoming the first country to approve the “Purpose Group” Bitcoin ETF.

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