Years pass, but look alike – On several occasions at the end of 2021, the Securities and Exchange Commission (SEC) has been hostile to the launch of exchange-traded funds (ETFs) on the New York Stock Exchange (NYSE). Even though it has agreed to the launch of various ETFs based on Bitcoin derivatives (BTC), the SEC remains reluctant to launch ETFs spot Bitcoin.
SEC continues to kick ETFs spot Bitcoin
As of January 4, 2022, the SEC has – for the umpteenth time – delayed the launch of a spot ETF (spot), based on Bitcoin. Indeed, the US regulator has published a notice of extension against theNYDIG Bitcoin ETF. This systematic deferral technique practiced by the SEC had already been the source of the annoyance of Grayscale Investments, regarding the launch of its own ETF spot Bitcoin.
However, it is clear that the demonstration developed by the lawyers of Grayscale has always not convinced the SEC that persists. She has briefly justified its notice of postponement of the decision on the NYDIG ETF in the following terms:
“The Commission considers it appropriate to adopt a longer period of time for issuing an order approving or disapproving the proposed rule change, in order to have sufficient time for its consideration (…)”
Concretely, the SEC has 60 additional days to make its decision. It is therefore unlikely that the company specializing in BTC products, NYDIG, can launch their Bitcoin ETF before mid-March 2022…. in the best case
Hopefully the SEC takes inspiration from its Canadian counterparts. Indeed, a priori, the regulators of the North American country did not censor the launch of the ETF spot BTC of Fidelity Investments Canada.
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