The SEC booted its decision deadline on a spot bitcoin ETF from NYDIG another 60 days

The SEC booted its decision deadline on a spot bitcoin ETF from NYDIG another 60 days
  • The US Securities and Exchange Commission delayed its decision on the NYDIG spot bitcoin ETF.
  • The deadline was previously January 15 and is now March 15, according to a Tuesday notice.
  • The regulator rejected similar proposals from Valkyrie and Kryptoin just before Christmas.
  • The US Securities and Exchange Commission delayed its decision on a proposed spot bitcoin exchange-traded fund from NYDIG another 60 days.

    The deadline, which was previously January 15, is now March 15, according to a Tuesday notice from the regulator. The two additional months will give the SEC "sufficient time" to weigh the proposal from NYDIG, a subsidiary of asset manager Stone Ridge Holdings Group, the notice said.

    The delay follows a pattern of the SEC punting decisions on spot bitcoin ETFs, which would track the real-time price of the cryptocurrency. Similar proposals from Valkyrie and Kryptoin just before Christmas on the grounds that they didn't meet the SEC's standard to prevent fraud and manipulative practices.

    The SEC has, however, approved several bitcoin futures ETFs, including ones from ProShares and VanEck last year. SEC Chairman Gary Gensler has been of the bitcoin futures products, previously citing a 1940 law that provides "significant investor protection" for mutual funds and ETFs.

    Meanwhile, spot bitcoin ETFs last year, giving crypto enthusiasts hope that the SEC would be next.

    But Gensler has remained wary. In August, he urged Congress to give the SEC more regulatory authority over the now $2 trillion market for cryptocurrencies, which he likened to the "" of Wall Street because of its lack of investor protections. Many investors, like those who poured into only to lose their money, have been scammed in the crypto market.

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