SEC Delays Decision on NYDIG’s Spot Bitcoin ETF Proposal

The Securities and Exchange Commission (SEC) has extended the time period for ruling on NYDIG’s proposal for a spot bitcoin ETF by 60 days in order to have sufficient time to consider the proposed rule change and any comments received.

  • The SEC’s original deadline was Jan. 15, so now it has until March 15 to make a decision.
  • In recent months, the SEC has rejected spot bitcoin ETF proposal from a number of investment companies, including Van Eck, WisdomTree and Kryptoin.
  • It also recently delayed its decisions on spot bitcoin ETFs from Valkryie, Grayscale and Bitwise (Grayscale is owned by Digital Currency Group, which is the parent company of CoinDesk).
  • In the past, the SEC has typically postponed its decisions on approving bitcoin ETFs as long as possible.
  • SEC Chair Gary Gensler has indicated multiple times in the past that he prefers to see a bitcoin futures ETF over one that holds bitcoin directly. As of now, three bitcoin futures ETFs have begun trading in the U.S.

Read more: Institutional Bitcoin Broker NYDIG Valued at $7B in Whopping $1B Funding Round

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