The commission said it was “appropriate to designate a longer period” for the proposed Bitcoin ETF.
The United States Securities and Exchange Commission has extended the original 45-day window to approve a Bitcoin (BTC) exchange-traded fund, or ETF, from asset manager VanEck.
According to a filing from SEC on Wednesday, the regulatory body will push the deadline for approving or disapproving VanEck’s Bitcoin ETF from May 3 to June 17, an additional 45 days.
“The Commission finds that it is 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 comments received,” said SEC Assistant Secretary J. Matthew DeLesDernier in the filing.
VanEck submitted the paperwork to apply for a Bitcoin ETF with the SEC last month following the asset manager withdrawing a similar application it had filed in January in partnership with blockchain startup SolidX. Both Valkyrie Digital Assets and Fidelity Investments have already filed registrations with the commission to form Bitcoin ETFs in January and March, respectively.
The regulatory body has the ability to extend the deliberation window up to 240 days before delivering a final decision, with 45-, 45-, 90- and 60-day extensions announced separately. Should the SEC continue to delay its decision on VanEck, the company may not receive a definitive answer until mid-November.
No Bitcoin ETF has been approved by regulators in the United States, and given the SEC’s seeming reticence in doing so, many experts do not expect an approval soon. However, many crypto ETFs have been approved in Canada this year, including offerings from investment fund manager 3iQ, Purpose Investments, Evolve Funds Group and CI Global Asset Management.