It is a saga that has been going on for many months. A huge pile of applications for bitcoin (BTC) and other cryptocurrency ETFs is with US Securities and Exchange Commission (SEC) waiting for approval. However, the body has not yet ruled on any single application.
Crypto not a priority
On March 1, 2021, the Chicago Board Options Exchange (CBOE) issued a proposal to amend the trading rules filed with the SEC that should make bitcoin ETFs possible.
The SEC did not respond to this until a month later, stating that they needed a period of at least 180 days to consider the new proposal. The deadline at the time was September 15.
Meanwhile, the SEC has announced that they will postpone this deadline. The SEC will rule on a requested bitcoin ETF on November 14, again one month later. This is the vanEck Bitcoin ETF.
Again and again, the SEC decides not to make a final statement about the possibility of offering crypto ETFs. This is much to the chagrin of investors.
SEC opens attack on crypto
It is slowly starting to become clear what the SEC thinks of the world of cryptocurrencies and everything it stands for. Recently, the American crypto exchange Coinbase announced that it has a special collision had had with the SEC.
Coinbase states that the SEC is threatening to sue. This would be about a new Coinbase service that hadn’t even launched at the time. The crypto community has reacted very suspiciously to this message and makes the SEC’s position on crypto somewhat clear.
It therefore seems unlikely that the SEC will approve another crypto ETF this year. This is to the disappointment of the crypto community. Crypto ETFs have the potential to attract a large amount of investors to the world of cryptocurrencies.