The US Securities Market Commission (SEC) extended the term of four Bitcoin Exchange Traded Funds (ETFs) by 45 days on Friday., citing the additional time required to decide whether to accept applications 19b-4.Â
Approval of four Bitcoin ETFs (BTC) – Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF – has been postponed to November 21, December 8, December 11 and December 24, respectively.
In its official statement, the SEC stated:
The Commission considers it appropriate to set a longer period of time within which to respond to the proposed rule change, so that it has sufficient time to consider the proposed rule change and any comments.
In mid-September, the American investment firm Invesco has partnered with New York-based Galaxy Digital Funds to launch a bitcoin ETF called Invesco Galaxy. The ETF’s offering of securities, currently pending approval, has the potential to be listed on the national stock exchanges in the United States., with the reassurance for prospective customers that all private keys are rigorously protected by a variety of technological and physical deterrents.
The SEC’s launch of the first Bitcoin ETF is widely expected to increase the asset’s technical indicators when a wave of traditional investors enters the market.. IShares data shows that the total value of products traded on commodity exchanges around the world is $ 263 billion, but that number is discounting all mutual funds, which could bring the value closer to $ 500,000 million.
Bloomberg ETF analysts recently predicted that the SEC could approve a Bitcoin ETF in late October, highlighting the ProShares Bitcoin Futures ETF as the most likely candidate.. They also advised that the regulator “should allow several at once to avoid spreading the benefit of the first”.