The US Securities and Trade Fee (SEC) has as soon as once more delayed its determination on the Valkyrie Bitcoin Trade Traded Fund (ETF). In a public discover dated first November, the chief regulatory physique has prolonged the deadline to January 7, 2022. That is one other delay in Valkyrie’s Bitcoin ETF proposal as the primary extension was set for December 8 by the SEC earlier than altering it once more on Monday. Thus, it’s clear that the US gained’t see its first spot Bitcoin ETF this yr.
“The Fee finds that it’s applicable to designate an extended interval inside which to concern an order approving or disapproving the proposed rule change in order that it has enough time to think about the proposed rule change and the problems raised within the remark letters which were submitted in connection therewith,” the discover stated.
The delay within the determination for the approval of a spot BTC ETF didn’t come as a shock for a lot of given SEC chief Gary Gensler had made it clear that crypto ETF merchandise linked to the futures market have the next likelihood of approval. This got here true in October when SEC permitted two Futures primarily based Bitcoin ETFs. The primary Bitcoin Futures ETF from ProShares even broke a number of data changing into the quickest ETF to succeed in $1 billion in belongings.
Eric Balchunas, the Bloomberg ETF analyst who had accurately predicted the approval of Bitcoin Futures ETF stated he wasn’t stunned on the SEC’s newest delay. He had earlier predicted {that a} spot ETF would finally get the inexperienced gentle by the primary quarter of 2022.
SEC punts on Valkyrie’s Bitcoin ETF filed underneath ’33 Act. Not a shocker to say the least. By way of @CoinDesk pic.twitter.com/8a2B3hu42n
— Eric Balchunas (@EricBalchunas) November 2, 2021
Australia Leaves US Behind because it Approves Bitcoin Spot ETF
The US SEC may be reluctant to approve a spot ETF this yr, however the chief Australian safety regulator has already given a nod for the spot Bitcoin ETF, making it the second nation after Canada to approve a spot ETF.
Earlier, Canada took the result in turn out to be the primary nation to approve a Bitcoin ETF within the type of Function Group’s ETF.
