SEC Remains Against BTC ETF for Grayscale & Bitwise

SEC Raises Hopes by Approving Valkyrie's Bitcoin Future ETF
  • The U.S SEC maintains the same strong opposition for BTC ETF .
  • Unofficially it seems the BTC ETF for Grayscale and Bitwise will get rejected.
  • The official approval or disapproval will be out in February, 2022.

It seems the United States Securities and Exchange Commission (SEC) will always be in firm denial for any sorts of upbringings in the crypto industry. 

True to the fact, the fight for the Bitcoin (BTC) to be treated into an Exchange Traded Fund (ETF) would not get passed through legally through the SEC. Moreover, the SEC has maintained firm upon its decisions ever since. 

In spite of all this, the SEC postpones the decision of approval for two big firms applicants for the BTC ETF.  These are the Grayscale Bitcoin Trust’s BTC ETF and the Bitwise Bitcoin ETP trust. 

The Decision Delay 

Upon an official announcement from the SEC which came out on December 15, states that the decisions for approval of the BTC ETFs of Grayscale and Bitwise will be on hold furthermore. The decisions for approval are postponed for both the firm’s proposals. 

In addition, the SEC reveals that the decision of whether to approve or disapprove the BTC ETF for Bitwise will be finalized on February 1 and that for the Grayscale on February 6. 

On the other hand, Bitwise Asset management was the first to file for the BTC ETF out of the two on October 14. Though Bitwise was already into the Bitcoin Futures ETF, they themselves dropped their application for it in November. Indeed, they had higher hopes for their BTC ETF counterpart. 

Likewise, Grayscale put it’s application proposal for the BTC ETF by October 19. 

The SEC’s Comments 

Accordingly, the SEC states that postponing the decision is just in-order to gain more time for the clear understanding and deeper research of the proposals. 

Moreover, they term that this will enable them with sufficient time to look into any changes and the comments to be reviewed.

Also, the comments of SEC were the same and common for both Bitwise and Grayscale.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.