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SEC is deferring applications via “direct” Bitcoin ETFs from Bitwise and Grayscale



The US Securities and Exchange Commission is postponing its decisions on the two Bitcoin index funds to early February.


The US Securities and Exchange Commission has once again postponed its upcoming decisions on two “direct” Bitcoin index funds (ETFs).


As the SEC announced this week, the review deadlines for applications for a Bitcoin ( BTC ) -based index fund from NYSE Arca / Bitwise and Grayscale will each be extended.


The exchange supervisory authority now wants to pass a judgment on the Bitwise Bitcoin ETP Trust by February 1, and the review of the Grayscale Bitcoin Trust Bitcoin ETF should again be completed by February 6 .


"The commission considers it useful to allow longer review periods for the decisions on the proposed introductions, and the associated regulatory changes, so that these can be carefully considered and feedback can be obtained," said the SEC in its reasoning.


As previously reported, the asset management company Bitwise Asset Management had already applied for their direct Bitcoin ETF on October 14th, which should give investors access to "actual BTC" instead of only being able to invest in Bitcoin futures or other derivatives via an index fund . The company withdrew its own Bitcoin futures ETF from the market in November , as there are now a wealth of comparable products .


Big crypto asset management company Grayscale, which manages more than $ 45.6 billion in crypto investment products , requested in turn on October 19 to convert their market-leading Bitcoin mutual fund into an ETF .

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