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According to CNBC, the ETF will track the performance of the largest by market capitalization cryptocurrency. The SEC, however, has not approved any bitcoin-ETF so far.
As iHodl earlier reported, the SEC already delayed several applications for the ETF until July. The watchdog claims 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.
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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