Home News SEC extends four Bitcoin ETF deadlines by 45 days

SEC extends four Bitcoin ETF deadlines by 45 days

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SEC extends four Bitcoin ETF deadlines by 45 days. On Friday, the SEC extended the decision deadlines for four Bitcoin ETFs, including Global X Bitcoin Trust.

In fact, The US Securities and Exchange Commission (SEC) on Friday extended the deadline for four Bitcoin exchange-traded funds (ETFs) by 45 days, citing the need for more time to evaluate whether to approve the 19b-4 applications.

It is fair to set a longer deadline

Four Bitcoin (BTC) ETFs — Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF — have had their clearance dates pushed to Nov. 21, Dec. 8, Dec. 11, and Dec. 24, respectively.

The SEC detailed the following in their official statement:

“The Commission believes it is fair to set a longer deadline for taking action on the proposed rule change so that it can fully evaluate the proposal and any remarks.”

On the other hand, Invesco, a U.S. investment business, teamed up with Galaxy Digital Funds in New York to register the Invesco Galaxy Bitcoin ETF in mid-September. The ETF security product, which is now pending certification, has the potential to be listed on major U.S. exchanges. With potential clients guaranteed that all private keys would be protected by a variety of technical and physical safeguards.

ETF is largely expectable to boost the asset’s technical indications

The SEC’s announcement of the first Bitcoin ETF is largely expectable to boost the asset’s technical indications as more traditional investors enter the market. According to iShares, the overall value of global commodities exchange-traded products is $263 billion; however, this number does not include mutual funds, which may bring the total value closer to $500 billion.

Bloomberg ETF experts recently projected that the SEC will approve a Bitcoin ETF by the end of October. With ProShares’ Bitcoin futures ETF being the most probable contender. The duo also recommended that the regulating body “allow several at once to avoid giving the first-mover advantage”.

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