The deadline for a verdict on all four applications have been pushed back by 60 days — taking us to late November and December.
The push for a Bitcoin exchange-traded fund to be launched in the U.S. has suffered a setback.
An imminent decision on whether to approve four Bitcoin ETFs was due to be made by the Securities and Exchange Commission.
But now, the SEC has announced that it is pushing this deadline back by 60 days.
All of this means a verdict on Global X’s application won’t be delivered until Nov. 21. Valkyrie’s deadline has been revised to Dec. 8, WisdomTree’s to Dec. 11, and Kryptoin’s to Dec. 24.
The news will likely be exceedingly frustrating for these companies, not least because their applications have all been pushed back before.
Explaining its rationale for the delay, the SEC said:
"The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the comment letters that have been submitted in connection therewith."
A Long Wait
The delays come as Gary Gensler continues to find his footing as the new chairman of the SEC.
VanEck, whose Bitcoin ETF application is furthest along in the process, was not affected by the latest flurry of delays.
As a result, the SEC could make a decision on its proposal by Nov. 14.
Bitcoin ETFs are designed to track the performance of the world’s biggest cryptocurrency, with prices fluctuating up and down in line with market movements.
They’re seen as a significant development for the crypto industry because of how they would enable investors to gain exposure to Bitcoin without having to own the digital asset directly.