The US Securities and Exchange Commission (SEC) has delayed another application for bitcoin (EXANTE: Bitcoin) exchange-traded fund (ETF) until July. According to the watchdog, it decided to designate a longer period within which to take action on the proposed rule change so that it has "sufficient time" to consider on the application.
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This time, the SEC delayed its decision on the ETF until July 14, 2021. This is not the first time the SEC avoids making a decision on the ETF not only in general, but this year as well. As iHodl earlier reported, the financial regulator delayed its approval for VanEck's bitcoin ETF.
In general, it takes 45 days for the SEC to give a decision on whether to approve or disapprove an ETF. However, the watchdog can also extend its review deadline up to 240 days. To date, the watchdog has rejected all bitcoin ETF applications, citing insufficient resistant to market manipulation and fraudulent activity concerns.
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