In a newly published document, the U.S. Securities and Exchange Commission (SEC) has once again delayed handing down a decision whether to approve or reject the Bitwise bitcoin exchange-traded fund (ETF) filed with the NYSE Arca exchange.
The proposal, which was first filed in January 2019, was a prelude to a new race to launch a bitcoin ETF in the U.S. A bitcoin ETF is expected to bring in fresh money and more liquidity to the cryptocurrency market.
The SEC had previously postponed making a decision on both the Bitwise and VanEck/SolidX proposals back in March 2019. The SEC has yet to approve any of the bitcoin ETF proposals that have been made.
When the SEC last postponed the Bitwise decision, Bitwise CEO Hunter Horsley conceded that the regulator’s decision made sense.
“Leverage ETFs took five years,” he said. “Actively-managed ETFs took six or seven years. Even gold, which has been around for thousands of years and had a product in Australia, took three years from S-1 to initial launch.”
“And I think that the fact that the SEC has taken a couple of years to get comfortable with [cryptocurrencies] makes complete sense. It’s not that they are anti-crypto, but they’re pro-investor.”
Once the latest document regarding the Bitwise ETF is published on the Federal Register, there will be a three-week public comment period followed by another two weeks for responses.