The US Securities and Exchange Commission has extended the initial 45-day window for approval of a Bitcoin Trading Fund (BTC) or ETF from Asset Manager VanEck.
The regulator will push the VanEck Bitcoin ETF approval or rejection deadline from May 3 to June 17 by another 45 days, according to the SEC on Wednesday.
“The committee considered it appropriate to set a longer period for the implementation of the proposed rule change so that it had sufficient time to evaluate the proposed rule change and the comments received,” said Assistant Secretary of the Council for Higher Education J. Matthew Delesdernier over archiving.
Vanek filed for a bitcoin ETF filing with the SEC last month after an asset manager withdrew a similar application he filed in January in partnership with blockchain startup SolidX. Valkyrie Digital Assets and Fidelity Investments have already submitted commission filings for the formation of Bitcoin ETFs in January and March, respectively.
The regulator has the option to extend the discussion window up to 240 days before a final decision is made, with extensions of 45, 45, 90 and 60 days announced separately. If the SEC continues to delay the VanEck decision, the company may not receive a final response until mid-November.
The Bitcoin ETF has not been approved by US regulators, and given the SEC clauses, not many experts are expecting approval anytime soon. However, several Canadian ETFs have been approved this year, including proposals from 3iQ Mutual Fund Manager, Purpose Investments, Evolve Funds Group and CI Global Asset Management.