The US Securities and Exchange Commission has once again postponed the deadline for the approval of Valkyrie’s spot Bitcoin ETF application. The deadline has been extended to January 2022 from its previous deadline of December 8, 2021.
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the comment letters that have been submitted in connection therewith,” the SEC said in a notice issued Monday.
The SEC has been reviewing spot Bitcoin ETFs since March but has taken steps to postpone its decision on all applications. On the other hand, the SEC has shown a favorable stance towards Bitcoin futures ETF after giving a go-ahead to some of them last month.
SEC Chairman Gary Gensler has repeatedly stated his positive bearing on futures Bitcoin ETF. He noted that the country’s Investments Company Act of 1940 offers considerable protection to investors for futures-based products.
Last month, the SEC approved the listing of ProShares and Valkyrie’s Bitcoin futures ETFs on the Chicago Mercantile Exchange, with ProShares ETF recording a record-breaking $1 billion trading volume on its first day of listing.