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Cryptocurrency enthusiasts craving a Bitcoin exchange-traded fund (ETF) will need to wait a little longer—if it ever comes at all. The U.S. Securities and Exchange Commission (SEC)—in typical fashion—is again postponing all pending bitcoin ETF decisions, according to CoinDesk.
The good news is that for some of the Bitcoin ETFs, these delays will soon be a thing of the past. Currently, there are three ETF projects up for decisions: Bitwise, Wilshire and VanEck. While Wilshire is set for an official decision on September 29 of this year, it could face further postponements of approximately 150 days.
Waiting for Godot
Bitwise and VanEck, on the other hand, are set for October 13 and 18, respectively. Both dates will prove definitive, since neither proposal can be delayed any further, according to former securities litigator Jake Chervinsky. Either way, Bitwise and VanEck will receive a final “yes” or “no” on those specified days.
Some of these ETFs have been waiting for years for their time in the spotlight. VanEck, for example, first submitted its proposal for a bitcoin ETF in August of 2017, a time when bitcoin was experiencing solid gains on a bull run. Even then, the SEC looked upon cryptocurrency with concern and disdain, and the proposal was immediately rejected. It took the company two more tries before the agency began to consider the prospects behind it.
From there, the ETF was put up for both public and expert comments to see if a bitcoin fund of this kind had any future. Thanks to widespread positive reactions, the SEC swore to examine the situation further and decide whether the ETF should be permitted. Unfortunately, the project has been hit with several delays, and rumors surrounding its potential entry to the market have been circulating for more than a year.
To an extent, companies such as VanEck have been lucky in that they are at least garnering consideration. Several other cryptocurrency ventures have sought to submit their own proposals for bitcoin or crypto-based ETFs, only to be turned down instantaneously. Some of the biggest names to receive rejection slips from the SEC include the Winklevoss Twins.
Other companies, such as Bitwise itself, have sought to push things along by submitting regular reports to the SEC showing the bitcoin and crypto industry as not only smaller than the SEC admits, but far better regulated and trading well with CME futures.