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The Securities and Exchange Commission has delayed the decision to approve the first exchange-traded bitcoin fund, the regulator said Thursday.
This is the second time the SEC has delayed a decision on the bitcoin product offered by ETF provider VanEcks since April, when it said it needed more time to assess the proposal. On Wednesday, the regulator again delayed its decision, this time asking for more comment on whether to allow the product to be traded on public markets.
The SEC is looking to understand whether the proposed ETF would be susceptible to manipulation and whether a single market player would have the ability to buy or sell large amounts of bitcoin without significant impact on the market, she said. in his ad.
The SEC has received around a dozen bitcoin ETF proposals over the past eight years, but has not approved any due to investor protection concerns. In recent months, the regulator has also delayed decisions on Kryptoins and WisdomTrees WETF, + 0.30% of ETFs offered.
The price of BTCUSD bitcoin, + 0.30%, fell after the announcement, trading at around 4.3% lower on Wednesday.
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