SEC backs Bitwise and Grayscale Bitcoin ETF proposals – archyde


The Securities and Exchange Commission (SEC) has proposed two more Spot Bitcoin Exchange Traded Funds (ETFs).

Two renewal orders came on Friday for the proposed NYSE Arca rule changes – one for the Bitweiser Bitcoin ETP Trust Suggestion and another for that Grayscale Bitcoin Trust Proposal.

The SEC will now need another 45 days to review both proposals and move their decision deadlines to February 1, 2022 and February 6, 2022, respectively.

“The Commission considers it appropriate to set a longer period of time within which to respond to the proposed rule change so that it has sufficient time to review the proposed rule change and any comments received,” both orders state.

The SEC has already rejected this year’s offers from VanEck and WisdomTree, prompting Grayscale to send a letter to the commission claiming the agency was using dissimilar standards to identify Bitcoin proposals. That letter alleged that if the SEC did not approve Grayscale’s offer, it could violate the Administrative Procedure Act.

The SEC has made decisions about Bitcoin ETFs in the past and has spent all of their time making a decision in their proceedings. Should the SEC decide to take its full time, it could postpone Bitwise and Grayscale’s decisions until next June and July.

The next product to make a decision about is cryptoin with a deadline of December 24th.

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The post SEC relies on Bitwise and Grayscale Bitcoin ETF proposals appeared first on Nach Welt.

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