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The endorsement of BTC exchange-traded fund by the US SEC moved to a later date

The endorsement of BTC exchange-traded fund by the US SEC moved to a later date

The SEC of the U.S. has deferred its ruling either to endorse a Bitcoin ETF or not. A local trading fund known as Valkyrie Digital Assets, located in Texas, submitted an application to SEC for naming its BTC ETF as one of the Stock Exchange in New York City five months ago.

After seeing people’s statements regarding the planned change in policy on the recent fund, the authority has purposefully taking too much time to conclude whether to endorse the request that was submitted by Valkyrie.

Based on an official filing yesterday, by the United States SEC, it was discovered that there is a need to allot more time before taking a decision on the recent policy concerning the BTC exchange-traded fund. Previously, 5 months ago, the trading fund submitted a request for its BTC Trust.

The commission acknowledged that it has seen traders’ statements in relation to the fund which was disclosed last month. The commission promised to shift the plan to scrutinize and endorse the fund by forty-five days, which will end on the 10th of August 2021.

This happened immediately after the Securities and Exchange Commission shifted the endorsement of a related fund, which made it the 2nd time of postponing the scrutinization period of the BTC Trust of VanEck within this year. According to the regulator, the commission needed to receive extra open reactions from the general public for a long duration of forty-five days.

The Chief Executive Officer of VanEck Associates, Jan van Eck, acknowledged that the endorsement will require a long period due to the enormous request in the U.S for a BTC exchange-traded fund. The executive also noted that the recent delay is likely not going to be the end of it. He stated that the conclusion might not be ready in two months time, that the proposed schedule might be like the one of previous week. The SEC is not just in a hurry to derive a conclusion regarding the issue.


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