Policy & Regulation

US SEC postpones its VanEck Bitcoin ETF decision until November 14

  • The US SEC has postponed its decision for the VanEck Bitcoin ETF proposal
  • The regulator will make its decision in November
  • Gensler had said the SEC is open to approving Bitcoin futures ETFs

The United States SEC has delayed its decision on another Bitcoin ETF application.

SEC extended VanEck Bitcoin ETF decision date

The US Securities and Exchange Commission announced yesterday that it had extended its decision period for the VanEck Bitcoin ETF application. This latest development comes after the SEC postponed its decision for the ETF earlier this year.

In a press release, the SEC wrote, “The proposed rule change was published for comment in the Federal Register on March 19, 2021. The 180th day after publication of the proposed rule change is September 15, 2021. The Commission is extending the time period for approving or disapproving the proposed rule change for an additional 60 days.”

The SEC was supposed to decide whether it would approve or reject the proposal in a few days. However, it has now extended the review period for another 60 days, and the regulator could decide within that period.

The notice added that “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 comment letters that have been submitted in connection therewith.”

SEC prefers to approve a Bitcoin futures ETF

The US SEC is currently reviewing nine Bitcoin ETF applications. It also has two Ether ETF applications on its table. SEC chair Gary Gensler had made it clear that the regulatory agency is open to approving ETFs that track Bitcoin futures instead of the spot prices of the cryptocurrency.

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