Skip to main content

SEC punts giving verdict on NYDIG’s Bitcoin ETF once again

The commission previously punted two other Bitcoin ETF products for an additional 45 days

The US Securities and Exchange Commission on Tuesday revealed that it had pushed the deadline for reviewing the spot ETF proposal from technology and financial services firm NYDIG for another 60 days. The regulator explained that it saw it appropriate to delay the decision to either approve or reject the application until March 15th. The extended period, according to the commission, would provide enough time to review and make a determination on the ETF.

 “The Commission finds that it is appropriate to designate a longer period within which to
 issue an order approving or disapproving the proposed rule change so that it has sufficient time
 to consider the proposed rule change and the issues raised in the comments that have been
 submitted in connection therewith. Accordingly, the commission, pursuant to Section 19(b)(2) of the Act, designates March 16th, 2022, as the date by which the commission shall either approve or disapprove the proposed rule change,” the notice read.

NYDIG’s Bitcoin ETF application adds to the list of those either delayed or postponed

It is almost one year since the New York-based subsidiary of asset management firm Stone Ridge submitted its ETF application. The SEC initially pushed the deadline for deciding on the fund to January 15th, but with the date fast approaching, the regulator delayed it for the second time.

One notable positive for the crypto ETF community is that SEC Commissioner Hester Peirce appears to have joined the crowd rooting for the decisions to be made soon. In an interview, Peirce said she was baffled at the habitual delays and equally concerned about when the regulator will finally make decisions on the products.

“I can’t believe we’re still talking about this as if, you know, we’re waiting for one to happen […] We have issued a series of denials even recently, and those continue to use reasoning that I think was outdated at the time,” she said.

The SEC is reportedly sitting on more than 20 crypto-related ETF applications but has so far not given the green light to a first. It rejected spot bitcoin ETF applications from WisdomTree (WisdomTree Bitcoin Trust) and Kryptoin (Kryptoin Bitcoin ETF) last month. The delayed ETF proposals, on the other hand, include those from asset management firms Bitwise (the Bitwise Bitcoin ETP Trust until February 1st) and Grayscale (Grayscale Bitcoin Trust until February 6th).

The SEC has shown leniency in approving futures ETFs, with three already approved. At present, interested investors can get indirect Bitcoin exposure through the ProShares BTC futures contracts fund that launched in October or Valkyrie Balance Sheet Opportunities ETF launched on NASDAQ mid last month. Elsewhere, the Canadian financial regulator has continued giving approval to crypto ETFs.

Acknowledgement: Article Sourced from Cointext by

Labels:

Comments

Post a Comment

Popular posts from this blog

Federal Reserve chair insists crypto report will be released within

The release of the Federal Reserve report touching on digital currency development and crypto regulations has experienced several delays Federal Reserve chair Jerome Powell told the Senate Banking Committee yesterday during his nomination hearing that the much-awaited crypto report is now within weeks of publication despite recent delays. Directing his statement to Idaho Senator Mike Crapo, Powell explained that the report was not yet “ quite where [it] needed to ” be but insisted that it would get released soon nonetheless. “It’s more going to be an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we do take some positions. The report really is ready to go, and I would expect we will drop it — I hate to say it again — in coming weeks,” he stated. Powell also explained that a change in monetary policy had been a factor in the report’s delay. Despite the assurances he gave...
Post a Comment
Read more

Bank of America is bullish on DeFi and NFTs

The cryptocurrency market has experienced massive growth over the past few years, and financial players are now bullish about cryptocurrencies The Bank of America has published a new report covering the latest innovations in the cryptocurrency and blockchain ecosystem. The bank is bullish on the Ethereum network and the latest innovations, including non-fungible tokens (NFTs) and decentralised finance (DeFi). Traditional financial institutions were very critical of Bitcoin and the broader cryptocurrency market during the early years. At the time, the Bank of America described Bitcoin as a slow and impractical financial asset. However, the tone has changed in recent years, with the bank stating that the cryptocurrency market has grown too big to be ignored. Bank of America Global Research’s new Digital Asset Primer called blockchain technology the most exciting new market in years. The financial institution said it is not only bullish on Bitcoin and blockchain technology but also on Eth...
Post a Comment
Read more

Shares in Brazil mall operators soar as Multiplan figures, BofA

By Gabriel Araujo SAO PAULO (Reuters) – Shares in Brazilian shopping mall operators soared on Wednesday as Multiplan reported figures above pre-pandemic levels for the fourth quarter of 2021 and a Bank of America survey pointed to expectations of a solid recovery in the sector. Multiplan said in its operational preview that quarterly same store rent jumped 41.4% from the same period of 2019, while same store sales rose 10.3%. Sales were up 8.1% when compared with the last quarter of 2019, before the COVID-19 pandemic struck in Brazil, supported by a strong performance during the holiday season. “December was a major highlight, as sales reached 110.1% of the sales seen in the same period of 2019 … In the fourth quarter, sales were above 2019 levels for the first time in the year, totaling 5.6 billion reais ($1.01 billion),” Multiplan said. Multiplan’s figures were backed by a Bank of America survey showing a K-shaped recovery in the sector, with 92% of Brazilian consumers back at th...
Post a Comment
Read more