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SEC Postpones Determination on NYDIG Bitcoin Discipline ETF

SEC Postpones Determination on NYDIG Bitcoin Discipline ETF

One other trade-traded fund is facing additional delays from the securities regulator.

Shutterstock describe by T. Schneider

Key Takeaways

  • The SEC has delayed its option on whether or no longer to approve a Bitcoin set ETF proposed by the asset supervisor NYDIG.
  • The regulator used to be in the starting up expected to reach a option in January; now the option has been postponed till March.
  • The SEC has also postponed choices on ETFs from Bitwise, Grayscale, and WisdomTree in contemporary months.

The U.S. Securities and Alternate Charge (SEC) has delayed its formulation to approve a Bitcoin set ETF indicate by NYDIG.

Determination Delayed Till March

NYDIG filed its proposal for a Bitcoin set ETF on June 30, 2021. The investment automobile would notice the worth of BTC held in a belief.

The SEC used to be expected to form a option on whether or no longer to approve the proposal by Jan. 15, 2022. Now, the SEC says that this would per chance well make a option on the matter by March 16, 2022, as a substitute of by that earlier date.

The SEC has previously delayed choices on the same Bitcoin ETFs. Selections relating to Bitwise, Grayscale, and WisdomTree had been all postponed in December. The regulator also rejected VanEck’s Bitcoin set ETF proposal outright on Nov. 13.

NYDIG Is Indubitably one of Many ETF Contenders

NYDIG is a digital asset-centered subsidiary of Stone Ridge Asset Management valued at $7 billion, making it a sizable company and a vital contender in the slump for the first Bitcoin set ETF.

A complete lot of Bitcoin futures ETFs, which notice the worth of Bitcoin futures, had been permitted and launched over the final year. Those merchandise came from Valkyrie, ProShares, and VanEck.

A Bitcoin set ETF would possibly per chance well be considerably assorted, because it would possibly maybe per chance well be straight away tied to the market price of Bitcoin itself. No such ETF has been launched in the USA thus some distance, and a U.S.-primarily based entirely mostly Bitcoin set ETF would possibly per chance well be a vital milestone for the crypto trade.

Some consultants predict that a Bitcoin set ETF will start sooner than the halt of 2022, even supposing previous delays indicate the wait is inclined to be longer.

Disclosure: On the time of writing, the creator of this fraction owned BTC, ETH, and other cryptocurrencies. 

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SEC Rejects Bitcoin Discipline ETF From WisdomTree


News


The U.S. Securities and Alternate Charge (SEC) has rejected an application for a Bitcoin set ETF from WisdomTree. SEC Rejects WisdomTree ETF The SEC published a letter on Wednesday, Dec….

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