The US Securities and Exchange Commission (SEC) continues to delay decisions on approving any crypto exchange-traded funds (ETF). In the latest series of extensions, the securities regulator recently extended its deadline to approve or reject NYDIG’s Spot Bitcoin ETF proposal to another 60 days.
<h2><strong>SEC Extends Deadline for Another Bitcoin ETF</strong></h2>
The SEC was supposed to approve a proposal from NYDIG, a digital asset-focused subsidiary of asset manager Stone Ridge Holdings Group, for a Bitcoin ETF by January 15. However, in a <a href="https://www.sec.gov/rules/sro/nysearca/2022/34-93893.pdf" target="_blank" rel="nofollow noopener">notice</a> published on Tuesday, the agency said it wants to decide the matter by March 16.

The SEC has previously delayed decisions on similar Bitcoin ETFs citing concerns over extreme price volatility and potential fraud risks for investors. Decisions regarding NYSE Arca’s Bitcoin ETF and Grayscale Bitcoin Trust’s Bitcoin ETF were all postponed last month.

Similarly, the agency extended its deadline on Kryptoin <a href="https://www.cryptoknowmics.com/news/the-us-sec-rejects-two-spot-bitcoin-etfs-proposals/">Bitcoin ETF</a>, Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, and Wisdomtree Bitcoin Trust in October.

The regulator also rejected VanEck’s Bitcoin spot ETF proposal outright on November 13. However, it approved several bitcoin futures ETFs, including ones from ProShares and VanEck last year.

NYDIG initially filed its proposal for a Bitcoin spot ETF on June 30, to list on the New York Stock Exchange.  The filing notes that investment giant Morgan Stanley will be bought in as an initially authorized participant.

Approaching almost $10 billion in assets under management, NYDIG builds bitcoin-focused investment and custody products for institutional investors. The firm recently teamed up with US Bancorp, Wells Fargo, and JPMorgan to offer bitcoin funds to their clients.

SEC Postpones Decision on NYDIG Bitcoin Spot ETF

The US SEC recently extended its deadline to approve or either reject NYDIG’s Spot Bitcoin ETF proposal to another 60 days.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

SEC Postpones Decision on NYDIG Bitcoin Spot ETF

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