THELOGICALINDIAN - The muchdesired Bitcoin atom ETF continues to baffle US investors
The Securities and Exchange Commission has delayed its decisions on two altered Bitcoin atom exchange-traded funds.
Patience: A Virtue?
The SEC has continued the aeon by which it can analysis and adjudge aloft two abstracted Bitcoin atom ETF proposals, one by Bitwise and the added by Grayscale, the world’s better agenda bill administrator with about $50 billion in assets beneath management.
The Commission has continued the periods for both ETF proposals by 45 days. The Bitwise angle was slated to be absitively on by tomorrow, while the accommodation for Grayscale’s angle was set for Dec. 23. Now, the SEC will either approve, disapprove, “or convention affairs to actuate whether to disapprove” by February 1, 2022 for Bitwise and by February 6, 2022 for Grayscale.
Spot ETFs differ from the futures-based Bitcoin ETFs that accept been accustomed in contempo months, with the aboriginal gaining approval from the SEC in October and hitting almanac trading aggregate anon thereafter. In adverse to futures ETFs, atom ETFs accommodate investors with absolute acknowledgment to the basal asset.
In answer its accommodation for the delays, the SEC wrote that “it is adapted to baptize a best aeon aural which to booty activity on the proposed aphorism change so that it has acceptable time to accede the proposed aphorism change and the comments received.”
In adverse to these delays, the SEC has absolute alone Bitcoin atom ETFs before. For example, it rejected VanEck’s appliance on Nov. 13. However, the Commission emphasized that it did not do so out of accepted disapproval for Bitcoin or blockchain technology. This description did not stop Grayscale from sending a letter this ages to the SEC cogent its disapproval of the actuality that it has accustomed Bitcoin futures ETFs but not Bitcoin atom ETFs.
Outside the U.S.already abide tradable Bitcoin atom ETFs, such as in Canada.
While the crypto markets afresh accept conceivably been rather in charge of a major, absolute catalyst, it seems absurd that will appear from a Bitcoin atom ETF approval anytime soon.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC and several added cryptocurrencies.
