SEC defers decisions on four Bitcoin ETF applications until end of 2021

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The Securities and Exchange Commission (SEC) today launched four applications for bitcoin exchange-traded funds (ETFs), extending the deadlines to the end of November and December.

Issuers Global X, Valkyrie, WisdomTree and Kryptoin all received an extension of their proposals today. The proposals are now expected to receive their decisions on November 21, December 8, December 11 and December 24, respectively. Kryptoin, WisdomTree, and Valkyrie, have all faced previous expansions.

Each order notice indicates:

“The Commission considers it appropriate to designate a longer period of time to issue an order approving or disapproving the proposed rule change so that there is sufficient time to consider the proposed rule change and the issues raised in the letters from comments that have been submitted in connection with it. “

The SEC has a history of extensions when it comes to Bitcoin ETFs. Many of the last wave’s requests had as many extensions as the Commission’s mandate allows until they were ultimately rejected.

Since the changing of the guard at the SEC, a new wave of demands have been filed against similar extensions. VanEck’s offer was the first to receive the treatment, receiving an extension that also called for more letters of comment on the proposal. It is the furthest along in the review cycle, which means it will likely be the first to receive a decision order. Hopes can expect a response on VanEck by November 14.

President Gary Gensler recently expressed interest in considering applications for a bitcoin ETF linked to futures contracts under the Investment Companies Act of 1940. In those comments he notably omitted any mention of cash products filed under the Securities Act of 1933, under which all of the above products are proposed to be regulated.

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