New SEC, same story. US SEC Postpones Decisions On Four Bitcoin ETF Applications Until Year End

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The US SEC has once again postponed decisions on four Bitcoin ETF applications, as the crypto community is now accustomed to the regulator making these kinds of moves.

SEC Postpones Rulings on Four Bitcoin ETF Proposals

The United States Securities and Exchange Commission (SEC) announced this weekend that it will not make a decision on four Bitcoin exchange-traded fund (ETF) applications until the end of the year.

The cryptocurrency community was optimistic that, under Gary Gensler’s leadership, the U.S. SEC would look favorably on cryptocurrencies and approve at least one Bitcoin ETF. This optimism is the reason why many investment firms have submitted Bitcoin and Ether ETF proposals to the SEC in recent months.

However, it didn’t work out the way crypto enthusiasts had expected. The regulatory agency has yet to approve a single crypto ETF application, and Gensler is working hard to regulate the broader cryptocurrency space.

The SEC has, once again, deferred decisions on four Bitcoin ETF applications. The applications filed by Global X, Valkyrie, WisdomTree and Kryptoin have all had their decision deadlines extended to November 21, December 8, December 11 and December 24, respectively. The SEC previously extended its review period for Valkyrie, WisdomTree and Kryptoin.

The regulatory agency has a habit of extending the review period for Bitcoin ETF applications before ultimately rejecting them. According to the SEC, it deems it appropriate to allocate a longer period to review Bitcoin ETF applications before it can decide whether to approve or reject them.

Gensler prefers Bitcoin Futures ETF

Gary Gensler, the chairman of the SEC, has repeatedly stated that he prefers an ETF that tracks Bitcoin investment products rather than the spot price of cryptocurrencies. He lamented that there is still an element of price manipulation in the cryptocurrency space, which makes a Bitcoin ETF rather risky for investors.

The story continues

BTC / USD chart. Source: FXEMPIRE

Despite this, the SEC has yet to review or approve the Bitcoin futures ETF proposals on its table. The price of Bitcoin has fallen less than 1% in the past 24 hours, but is still trading above $ 47,000. The broader cryptocurrency market rallied over the weekend and could rise in the hours and days to come.

This article originally appeared on FX Empire

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