US regulators claimed that they need further more time to figure out whether the applications of Bitcoin ETF should be accepted by them or not.
The securities and exchange commission of the United States ( SEC) is responsible for the regulation of crypto related services. And also this regulatory authority is responsible for the approval of the crypto trading platforms except derivatives, options & futures which come under CFTC. There are many fund manager firms that are looking to bring the Bitcoin ETF based products for their wealthy clients but Bitcoin ETF based applications are under pending decision.
On 1 October, The United States Securities and Exchange Commission released a notice regarding the approval of Bitcoin ETF applications.
SEC claimed that they need more time to give a decision on the Bitcoin ETF 19B applications, filed by four fund manager firms.
These four firms, which filed for the Bitcoin ETF are Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF, and these firms got particular date for the possible results by the SEC scheduled to Nov. 21, Dec. 8, Dec. 11 and Dec. 24, respectively.
Through the published notice, SEC added that
“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments.”
Many experts believe that if SEC will give approval for the Bitcoin ETF then that will result in push of the traditional Investors in the bitcoin ETF based products with very high demand.
Response on the Bitcoin ETF applications by the SEC came after the recent claim of Bloomberg’s expert, who said that SEC will approve the Bitcoin ETF based applications by the end of this October. For this he explained many points. Read the full report about it here.