The United States Securities and Exchange Commission (SEC) has delayed its approval decision regarding the Hashdex Nasdaq Crypto Index US ETF, a proposed exchange-traded fund (ETF) that aims to hold both Bitcoin and Ethereum.
The SEC on Friday released a filing stating it would extend the initial 45-day review period for the Hashdex ETF proposal.
The Commission has set a new deadline of September 30 to either approve, disapprove, or initiate proceedings to determine whether to disapprove the proposed rule change.
Nasdaq submitted a proposal to the SEC for the planned ETF on June 17, asking for permission to list and trade shares of the Hashdex Nasdaq Crypto Index US ETF on its exchange. If approved, this would allow investors to buy and sell shares of this ETF, which is designed to track the value of both leading cryptocurrencies.
"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC stated.
This postponement comes amid heightened anticipation in the cryptocurrency market, particularly after the SEC approved the launch of Bitcoin ETFs earlier this year and Ethereum ETFs shortly after.
The company had in June filed its registration statement with the SEC, confirming that it would hold both Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization.
Decrypt reached out to the SEC for comment on the delay, but did not receive an immediate response.
Edited by Andrew Hayward