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New SEC, Same Story. US SEC Postpones Decisions On Four Bitcoin ETF Applications Till End Of The Year

The United States SEC has postponed decisions on four Bitcoin ETF applications yet again, with the crypto community now used to the regulatory agency making these types of moves

SEC Postpones Decisions On Four Bitcoin ETF Proposals

The United States Securities and Exchange Commission (SEC) announced during the weekend that it will not be making decisions on four Bitcoin exchange-traded fund (ETF) applications until the end of the year.

The cryptocurrency community was optimistic that under the leadership of Gary Gensler, the US SEC would look favorably towards cryptocurrencies and at least approve a Bitcoin ETF. This optimism is the reason why numerous investment firms submitted Bitcoin and Ether ETF proposals to the SEC over the past few months.

However, it hasn’t worked out as crypto enthusiasts had expected. The regulatory agency is yet to approve a single crypto ETF application, and Gensler is working hard to regulate the broader cryptocurrency space.

The SEC, yet again, postponed its decisions on four Bitcoin ETF applications. The applications filed by Global X, Valkyrie, WisdomTree and Kryptoin all saw their decision deadline pushed back till Nov. 21, Dec. 8, Dec. 11 and Dec. 24, respectively. The SEC had previously extended its review period for Valkyrie, WisdomTree and Kryptoin.

The regulatory agency has a habit of extending the review period of the Bitcoin ETF applications before eventually rejecting them. According to the SEC, it finds it appropriate to assign a longer period to review the Bitcoin ETF applications before it can decide whether to approve or reject them.

Gensler Prefers A Bitcoin Futures ETF

Gary Gensler, the SEC chair, has stated on numerous occasions that he prefers an ETF that tracks Bitcoin’s investment products rather than the cryptocurrency’s spot price. He lamented that there is still an element of price manipulation within the cryptocurrency space, which makes a Bitcoin ETF rather risky for the investors.

BTC/USD chart. Source: FXEMPIRE
BTC/USD chart. Source: FXEMPIRE

Despite that, the SEC is yet to review or approve the Bitcoin futures ETF proposals on their table. Bitcoin’s price has been down by less than 1% over the past 24 hours but is still trading above the $47k. The broader cryptocurrency market rallied over the weekend, and it could rally higher in the coming hours and days.

This article was originally posted on FX Empire