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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.
By Nelson Wang
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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Read more: Institutional Bitcoin Broker NYDIG Valued at $7B in Whopping $1B Funding Round
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