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The SEC has requested for extra time to evaluate Bitcoin ETF functions from Knowledge Tree Funds, Invesco, Galaxy Digital, and Valkyrie Funds. As reported by Reuters, talked about in a doc that they want till at the least October 17 to decide about approving or rejecting these functions.
The SEC often takes 45 days to reply after a proposal is revealed, and this delay is a standard a part of the method. They didn’t say why it’s delayed this time.
Simply two days after a court docket mentioned the SEC was mistaken to reject Grayscale Investments’ request for a bitcoin ETF, the SEC delayed this choice. The court docket felt the SEC didn’t clarify properly why it denied Grayscale’s request. Now the SEC has to evaluate it once more, however we’re undecided in the event that they’ll change their thoughts. The SEC may additionally attraction the court docket’s choice.
“The Fee finds it applicable to designate an extended interval inside which to take motion on the proposed rule change in order that it has adequate time to think about the proposed rule change and the problems raised therein,” the doc learn.
Earlier than the Labor Day weekend, the SEC was anticipated to answer requests from totally different firms hoping for a bitcoin spot ETF. They’re additionally set to deal with related proposals from BlackRock, Constancy, Bitwise, and VanEck by the tip of this week.
The SEC denied WisdomTree’s functions in 2021 and 2022 as a result of they didn’t present sufficient safety for traders and the general public.
Jeremy Schwartz from WisdomTree is hopeful that the modifications they’ve made of their new utility will make regulators happy. He talked about that their up to date submitting consists of information sharing agreements, surveillance sharing, and new approaches. The SEC has given related causes for rejecting different ETF functions, similar to it did for Grayscale’s try.
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