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SEC Delays Decision on NYDIG’s Spot Bitcoin ETF Proposal

The commission now has until March 16 to approve or disapprove NYDIG’s proposal.

Updated May 11, 2023, 5:09 p.m. Published Jan 4, 2022, 6:58 p.m.

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The U.S. Securities and Exchange Commission (SEC) has extended the time period for ruling on NYDIG’s proposal for a spot bitcoin exchange-traded fund (ETF) by 60 days in order to have “sufficient time to consider the proposed rule change and any comments received.”

The SEC’s original deadline was Jan. 15, so now it has until March 15 to make a decision.
In recent months, the SEC has rejected spot bitcoin ETF proposals from a number of investment companies, including VanEck, WisdomTree and Kryptoin.
It also recently delayed its decisions on spot bitcoin ETFs from Valkryie, Grayscale and Bitwise. Grayscale is owned by Digital Currency Group, which is the parent company of CoinDesk.
In the past, the SEC has typically postponed its decisions on approving bitcoin ETFs for as long as possible.
SEC Chair Gary Gensler has indicated multiple times that he prefers to see a bitcoin futures ETF over one that holds bitcoin directly. As of now, three bitcoin futures ETFs have begun trading in the U.S.

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NYDIG SEC Bitcoin ETF