TL;DR Breakdown
- The Securities and Exchange Commission of the US has extended four Bitcoin ETF approval deadlines.
- Analysts expect SEC would be ready to accept a Bitcoin ETF by the end of October.
On Friday, the United States Securities and Exchange Commission (SEC) announced that it has decided to extend the deadline of four Bitcoin (BTC) Exchange-traded Funds (ETF) for 45 days. It claimed the need for extra time to decide on the acceptance of 19b-4 applications.
The public statement from the SEC noted, “The Commission finds that it is appropriate to designate a longer period within which it can take action on the proposed rule change. This way, it has sufficient time to consider the proposed rule change and any comments.”
Previously, the rescheduled dates were November 21, December 8, December 11, and December 24, for Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF, respectively.
Securities and Exchange Commission BTC ETF Potential
In September, Invesco, the well-known investment firm of the United States, announced a collaboration with New York-based Galaxy Digital Funds to register a BTC ETF named Invesco Galaxy. The Securities and Exchange Commission wants to ensure the ETF has the capability to be placed on US national trading exchanges, with target users guaranteed that a combination of physical and technical solutions will strictly protect all private keys.
iShares data indicates that the overall valuation of exchange-traded commodities is equal to $263 billion, and yet this number cuts all mutual funds, which might be valued nearer to $500 billion. As per the experts, with an increase in the number of traditional investors entering the crypto market, the first Bitcoin ETF introduced by SEC will open new doors to increase the technical indicators of the asset.
The Bitcoin ETF is in highlight as it is the talk of several analysts and market speculators. Bloomberg’s ETF Analysts anticipate that by the end of this month, the SEC would be ready to accept a Bitcoin ETF, identifying the most probable candidate as ProShares’ Bitcoin Future ETF. They further suggested that the regulating body should allow many at once to ensure that the first mover is not provided with extreme advantages.
