US SEC Delays Decision on Approval of Bitcoin Direct Investment ETF

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. Securities and Exchange Commission (SEC) has postponed approval of an exchange-traded fund (ETF) that directly invests in Bitcoin.

CNBC reported on the 28th (local time) that the SEC delayed the decision on VanEck Bitcoin Trust approval until the end of June. The SEC was required to decide on approval by June 3rd, within 45 days of the review commencement.

The SEC explained that it postponed the decision because it is appropriate to take more time for thorough review.

The cryptocurrency industry has viewed the SEC's judgment as a matter that could bring significant changes to the market and has been anticipating it.

Unlike existing ETFs that invest in Bitcoin-related companies, VanEck is pursuing an ETF that directly invests in Bitcoin. Fidelity also applied for its own Bitcoin ETF last month.

CNBC reported that with Gary Gensler, a cryptocurrency expert, newly appointed as SEC chairman, it is expected that a Bitcoin investment ETF approved by the SEC will emerge within this year.

In the past, the SEC had concerns about the extreme price volatility of cryptocurrencies and financial fraud.

Meanwhile, Bitcoin is trading around $54,800, up 0.3% compared to 24 hours ago.

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