SEC delays judgment on Bitwise and Grayscale bitcoin ETF applications

The Securities and Exchange Commission postponed its decision on the applications filed by Grayscale Bitcoin Investment Trust and Bitwise Asset Management to launch a bitcoin ETF.

The US Securities and Exchange Commission (SEC) has postponed a judgment on Bitwise Asset Management and Grayscale Investments’ applications to issue spot bitcoin ETFs until February 2022.

The postponement means that these companies will not have to wait for months or even years for a decision. The SEC has used this time to compile more information about the bitcoin market and its current state, which could help in their decision.

The application will be approved or rejected in the first instance on February 1 and in the second case on February 6.

Bitwise Asset Management delivered the paperwork on October 14 and then discontinued its bitcoin futures offer in November.

On October 19, Grayscale Investments applied to convert a bitcoin trust into an exchange-traded fund (ETF) based on the first cryptocurrency.

IN DECEMBER, the SEC denied WisdomTree’s application to create a spot bitcoin ETF. Previously, the Commission had taken a similar conclusion in response to a VanEck request.

The SEC authorized petitions from VanEck and Valkyrie Investments and ProShares to launch ETFs based on bitcoin futures at the end of October. The SEC’s rulings were labeled “arbitrary and illegal” by Grayscale Investments.

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