The Securities and Exchange Commission has again delayed its decision on a proposal from NYDIG, a subsidiary of asset manager Stone Ridge Holdings Group, for a Bitcoin exchange-traded fund.
The SEC’s rejection or approval of the “NYDIG Bitcoin ETF” was supposed to come by Jan. 15 after a prior delay. But in a notice Tuesday, the agency said another 60 days is needed to make a determination. The new deadline is March 16.
The announcement appears to follow a pattern the SEC has taken with prior spot Bitcoin ETF proposals of delaying its decision as long as possible before ultimately rejecting them.
Last month, the regulator rejected a pair of proposals from Valkyrie Investments and Kryptoin for Bitcoin ETFs, saying they failed to meet requirements to prevent fraudulent and manipulative practices that are needed to protect investors. The SEC allowed futures-backed Bitcoin ETFs to be offered in October.
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
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