The Securities and Exchange Commission (SEC) of the United States has postponed its judgment on the Valkyrie Bitcoin Exchange Traded Fund (ETF) for a second time (ETF).
The primary regulatory agency extended the deadline until January 7, 2022, in a public notification dated first November. This is another setback for Valkyrie’s Bitcoin ETF plan after the SEC first extended the deadline to December 8 before amending it again on Monday. As a result, it is evident that the United States will not see its first Bitcoin ETF this year.
“The Commission determines that extending the time period for issuing an order approving or disapproving the proposed rule change is appropriate to allow it sufficient time to consider the proposed rule change and the issues raised in the comment letters submitted in connection with it,” the notice stated.
The delay in approving a spot Bitcoin ETF came as no surprise to many, considering that SEC Chairman Gary Gensler has said that crypto ETF products tied to the futures market had a better chance of approval. This became a reality in October when the SEC authorized two Bitcoin ETFs based on futures contracts. ProShares‘ first Bitcoin Futures ETF achieved multiple milestones, being the quickest ETF to exceed $1 billion in assets.
Eric Balchunas, the Bloomberg ETF analyst who accurately anticipated the Bitcoin Futures ETF’s approval, said he was unsurprised by the SEC’s latest postponement. He had expected that a spot ETF will be approved in the first quarter of 2022.
Australia Overtakes the United States with the Approval of a Bitcoin Spot ETF While the US Securities and Exchange Commission may be hesitant to approve a spot ETF this year, Australia’s primary securities regulator has already approved the spot Bitcoin ETF, making it the second country after Canada to do so. Previously, Canada was the first country to approve a Bitcoin ETF in the shape of Purpose Group’s ETF.
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