The US Securities and Exchange Commission (SEC) has once again delayed its decision on the Valkyrie Bitcoin Exchange Traded Fund (ETF). In a public notice dated first November, the chief regulatory body has extended the deadline to January 7, 2022. This is another delay in Valkyrie’s Bitcoin ETF proposal as the first extension was set for December 8 by the SEC before changing it again on Monday. Thus, it is clear that the US won’t see its first spot Bitcoin ETF this year.
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the comment letters that have been submitted in connection therewith,” the notice said.
The delay in the decision for the approval of a spot BTC ETF didn’t come as a surprise for many given SEC chief Gary Gensler had made it clear that crypto ETF products linked to the futures market have a higher chance of approval. This came true in October when SEC approved two Futures based Bitcoin ETFs. The first Bitcoin Futures ETF from ProShares even broke several records becoming the fastest ETF to reach $1 billion in assets.
Eric Balchunas, the Bloomberg ETF analyst who had correctly predicted the approval of Bitcoin Futures ETF said he wasn’t surprised at the SEC’s latest delay. He had earlier predicted that a spot ETF would eventually get the green light by the first quarter of 2022.
— Eric Balchunas (@EricBalchunas) November 2, 2021
Australia Leaves US Behind as it Approves Bitcoin Spot ETF
The US SEC might be reluctant to approve a spot ETF this year, but the chief Australian security regulator has already given a nod for the spot Bitcoin ETF, making it the second nation after Canada to approve a spot ETF.
Earlier, Canada took the lead to become the first nation to approve a Bitcoin ETF in the form of Purpose Group’s ETF.