SEC has postponed four Bitcoin-based ETF applications
Industry News
The USA has still been waiting for the first Bitcoin-ETF to be approved, as the Securities and Exchanges Commission needs at least two more months to come up with the decision.
The four applications sent by Global X, Wisdom Tree, Kryptoin Investment Advisor, and Valkyrie Investments were postponed by the SEC. Eric Balchunas, the senior Bloomberg analyst, highlights that all the mentioned applications are filed in full correspondence with the ’33 Act (the Act on securities).
As for the chances for those applications to be finally approved, experts have doubts, as the SEC mainly grounds its decisions on the ’40 Act. Gary Gensler, the head of the SEC, has earlier announced that this act protects investors more; this is why the commission prefers to approve funds that correspond with the ’40 Act requirements.
Eric commented on the situation in his Twitter account: “The futures ETFs filed under the ’40 Act (which Genz loves) are very much alive and likely on schedule (we think 75% chance approved in Oct).”
Bloomberg indicates two companies that are the closest to Bitcoin-based ETF approval – ProShares and Invesco. The information agency expects these companies to get approval on October 18-19.
At present, 7 Bitcoin ETF funds have already run globally. Brazil and Canada are two leading countries according to the number of launched funds.
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