Bitcoin ETF decision delayed, SEC commissioner wonders why

The
United
States
Securities
and
Exchange
Commission
has
postponed
its
decision
to
approve
NYDIG’s
spot
exchange-traded
fund
(ETF)
for
Bitcoin
(BTC),
delaying
until
March
16.

In
a

notice

published
on
Tuesday,
the
SEC
found
it
“appropriate
to
designate
a
longer
period
within
which
to
issue
an
order
approving
or
disapproving”
the
ETF.
Upon
the
news,
BTC’s
price
didn’t
flinch,
remaining
in its
tightly
coiled
range
under
$47,000
.

In
a
promising
turn
of
events,
an
SEC
bigwig
has
been
vocal
in
support
of
a
spot
ETF.
While
crypto
enthusiasts
are
used
to

rejections
and
delays
in
BTC
spot
ETFs
,
SEC
Commissioner
Hester
Peirce
also
wonders
why
it’s
taking
so
long.

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outdated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



Related: 
What
has
been
standing
in
the
way
of
a
pure-Bitcoin
ETF?

The
NYDIG
first

proposed

an
ETF
on
Feb.
16
last
year,
while
the
most
recent
deadline
for
giving
a
thumbs-up
was
Jan.
15.
If
approved,
it
would
have
become
the
first
spot
Bitcoin
ETF
in
the
United
States. 

U.S.-based
investors
can
gain
exposure
to
BTC

through
Valkyrie’s
latest
ETF

offering
or
through
the
popular
ProShares

BTC
futures
contracts
fund
.
However,
investors
still
covet
a
way
of

gaining
direct
exposure
to
the
asset
.

Across
the
border,
Fidelity
Canada
launched
a
BTC

ETF
and
mutual
fund
in
December
,
while
Brazilian
and
Latin
American
investors
can

tap
into
BTC
spot
ETFs
.
It
begs
the
question:

When
will
a
spot
ETF
land
on
U.S.
shores?

With
over
20
BTC-related
ETFs
awaiting
approval
or
rejection
in
the
U.S.
according
to

ETF.com
,
surely
2022
is
the
year.

read original article here