The United States Securities and Exchange Commission has postponed its decision on whether to approve a Bitcoin (BTC) exchange-traded fund.
The SEC has delayed its decision on a Bitcoin ETF filing by Texas-based family investment fund Valkyrie Digital Assets after receiving comments on the proposed rule change regarding the new fund.
According to an official Tuesday filing by the SEC, the commission has found that it was appropriate to designate a longer period to take action on the proposed rule change regarding the Bitcoin ETF. Valkyrie initially filed its application for the Valkyrie Bitcoin Trust on the New York Stock Exchange this January.
The SEC noted that it has received comments on the fund that were published in May 2021. The authority said that it is extending the review period for the ETF by 45 days, rescheduling the decision for Aug. 10.
The new regulatory delay comes shortly after the SEC delayed approval for another major Bitcoin ETF, extending last week the review period for VanEck’s Bitcoin Trust for the second time this year. The regulator said that the SEC was seeking additional public comments over a 45-day period.
VanEck Associates CEO Jan van Eck has stated that approval may only be a matter of time, given the huge demand for a Bitcoin ETF in the United States. The executive also suggested that the latest delay could not be the last. “They don’t need to really make a decision in August. It’s sort of an artificial deadline, as was the one last week. The SEC is just not moving fast on this,” he said.