Approvance Of NYDIG’s Spot Exchange-traded Fund (ETF) For Bitcoin (BTC), Delaying Until March.

The United States Securities and Exchange Commission has delayed its decision to accept NYDIG’s spot exchange-traded funds (ETF) that will be based on Bitcoin ( BTC) and will delay the decision to March 16.

NYDIG’s spot exchange-traded fund (ETF) for Bitcoin (BTC)

In an announcement released on Tuesday, the SEC determined that it was “appropriate to extend the timeframe within which to issue an order either approving and/or refusing to approve” of the ETF. After the news was announced that BTC’s price did not change it remained within its tightly-knit range less than $47,000..

In a positive development it appears that an SEC major has been vocal for spot ETF. Although crypto enthusiasts are accustomed to delays and rejections in BTC spots ETFs, SEC Commissioner Hester Peirce has a different reason for what’s the reason it’s taking so time.

Interview with media from the industry the commissioner stated “I cannot believe that we’re talking about this like we’re waiting for something to occur. […] There’s been a string of denials in recent times and they still rely on the same argument that I consider to be outdated in the moment.”

It was NYDIG first suggested for an ETF February. 16 of last year, and the latest deadline to give a thumbs-up was January. 15. If it was approved, it would have been the first Bitcoin ETF in the United States.

U.S.-based investors can be exposed to BTC via Valkyrie’s newest ETF offering or the ProShares BTC funds for futures contract. But, many investors want an option to having directly exposure to this cryptocurrency.

Over the frontier, Fidelity Canada launched a BTC ETF and mutual fund in December and Brazilian as well as Latin American investors can benefit from BTC Spot ETFs. It raises the question of: When will a spot ETF arrive in the U.S. shores?

With more than 20 ETFs that are BTC-related waiting for acceptance or denial in the U.S. according to ETF.com, surely 2022 is the year to be in.

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