Bitcoin ETF Resolution Delayed by SEC Once more

By Vildana Hajric and Olivia Rinaldi

(Bloomberg) -- The U.S. Securities and Trade Fee once more delayed a choice on approving two Bitcoin exchange-traded funds, dealing one other blow to these within the cryptocurrencies neighborhood holding on to the assumption that a favorable determination was imminent.

The regulator postponed till October a ruling on whether or not itemizing guidelines can change to permit the 2 funds to start out buying and selling. Selections on each the Bitwise Bitcoin ETF Belief and the VanEck SolidX Bitcoin Belief have been repeatedly pushed again.

Bitcoin was weaker a lot of the day forward of the choice and closed down about three.eight% to $11,418 on Monday in New York. Representatives for Bitwise didn’t instantly return requests for remark. The SEC additionally didn't return requests for remark.

Different functions for approval -- which at one level exceeded 25 requests -- have additionally been delayed. The company has additionally rejected an alternate’s request final yr to record a Bitcoin ETF backed by Tyler and Cameron Winklevoss.

The pinnacle of the fee has stated beforehand that concern over an absence of investor protections makes it unlikely his company will approve a Bitcoin ETF anytime quickly. The chairman, Jay Clayton, stated he stays nervous about theft and manipulation on exchanges.

To contact the reporters on this story:
Vildana Hajric in New York at [email protected];
Olivia Rinaldi in New York at [email protected]

To contact the editors accountable for this story:
Jeremy Herron at [email protected]
Dave Liedtka, Rita Nazareth