Bitcoin ETF Decision Delayed, SEC Commissioner Wants To Know Why

For scarred Bitcoin bulls, the long-awaited NYDIG Bitcoin ETF has suffered yet another setback.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision to approve the NYDIG Bitcoin spot-traded fund (ETF) until March 16.

In a notice issued Tuesday, the SEC deemed it appropriate to "designate an extended period of time to issue an order approving or disapproving" the ETF. After hearing the news, the price of BTC did not drop and is still hovering in a consolidation range below $47,000.

In a welcome twist, an SEC dignitary has publicly expressed support for spot ETFs. While cryptocurrency enthusiasts are used to Bitcoin spot ETF rejections and delays, SEC Commissioner Hester Peirce also wondered why it took so long. Speaking to industry media, the commissioner said: "I can't believe we're still talking about this as if, you know, we're waiting for something to happen...even recently, we published a A series of denials that still use what I believe to be outdated methods of reasoning at the time."

The NYDIG first proposed the ETF on Feb. 16 last year, and the most recent deadline for a decision was Jan. 15. If approved, it would be the first spot bitcoin ETF in the US.

US-based investors can gain exposure to BTC through Valkyrie's latest ETF product or through the popular ProShares BTC futures contract fund. However, investors are still eager for a way to invest directly in the asset.

Across the border, Fidelity Canada launched a BTC ETF and mutual fund in December, Fidelity Canada, on the other hand, launched a BTC ETF and mutual fund in December, and investors in Brazil and Latin America can also Use BTC spot ETFs. Which begs the question: When will spot ETFs be available in the US?

With over 20 BTC-related ETFs pending approval or rejection in the U.S., 2022 is sure to be a good year, according to ETF.com. (Cointelegraph)