SEC Continues To Delay Bitcoin ETF Approval

Joshua Chretien

Jun 23, 2021 - 1 min read

The United States Securities and Exchange Commission (SEC) has postponed its decision on yet another Bitcoin exchange traded fund, according to a filing released on Tuesday.

The filing was in response to a proposed rule change that would allow Valkyrie Digital Assets to create a Bitcoin ETF for customers within the United States. The deadline on the decision has been postponed 45 days from the original date of June 26th, until August 10th, 2021.

Similar delays have been the norm in recent months. Last week, a postponement was announced pertaining to a proposal by VanEck Investments to create a Bitcoin ETF. Gabor Gurbacs, a Director at VanEck, took to Twitter to point out the many benefits an ETF could bring to consumers.

Jan Van Eck, the CEO of VanEck Investments, echoed a similar sentiment when he appeared on CNBC Monday to emphasize the demand his customers have for such a fund.

There is also growing concern that the United States is falling behind other countries in adopting a Bitcoin ETF. Canada launched its first Bitcoin ETF in February. Meanwhile, the first Latin American Bitcoin ETF launched this week in Brazil.

Despite popular demand, the SEC continues to bide its time on decisions related to Bitcoin. A recent announcement of the SEC Annual Regulatory Agenda for the year included no mention of cryptocurrencies whatsoever.

VanEck summarized what many feel during his interview, stating bluntly: "It is what it is. The SEC is just not moving fast on this.”