SEC Securities Commission and the US Exchange have delayed the decision on three Bitcoin ETF proposals.
According to a document released on August 12, the SEC has officially postponed the decision to amend the laws proposed by the two exchanges NYSE Arca and Cboe BZX for three Bitcoin ETFs from three asset management companies. VanEck SolidX, Bitwise Asset Management and Willshire Phoenix.
According to the announcement, the SEC postponed the decision to list VanEck until October 18, while Bitwise listing on NYSE Arca will be postponed until October 13. The decision for Willshire Phoenix Trust will be postponed until September 29. SEC said:
"The Commission thinks that it is necessary to extend the time to approve or reject the proposed changes to the regulation so that the committee has enough time to consider these changes."
ETF is a type of securities that tracks a group of assets represented by shares of a certain investment fund. This is considered a major step forward in the process of mass adoption of digital assets.
VanEck's proposal was first filed in January, while Bitwise's application was sent in February. Willshire Phoenix proposal was posted on the Federal Register on July 1.
Securities law has allowed SEC to be entitled to postpone proposals for financial products to collect information and to consider changes to regulations before allowing listing.
Previous delays
These news are just one of the SEC's long delays for the Bitcoin ETF decision. The SEC previously delayed the decision on VanEck and Bitwise's ETF in March, and again in May.
After the May decision, the SEC posted 14 questions, sent it to the public to gather more information and ideas about VanEck's proposal.
At the end of December, SEC Hester Pierce's "Crypto Mom" urged investors to be more patient with Bitcoin ETF.
“It could be up to 20 years or even tomorrow. Please wait patiently. SEC needs a long time to set up Finhub. It may take longer to approve a product traded on the exchange. "
In June, Jay Clayton said managers would be comfortable with the securities products of electronic depository services before they could advance to the ETF. Mr. Clayton also said the SEC is satisfied only when investor protection measures and market manipulation are ensured.
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It is quite frustrating indeed. I really don't think the SEC is going to approve a Bitcoin ETF proposals until there is a substantial amount more regulatory actions implemented by countries around the world.