The US Securities and Exchange Commission (SEC) has extended the deadline for considering the application of the investment company SkyBridge Capital for the launch of an exchange-traded fund (ETF) based on bitcoin (EXANTE: Bitcoin) until August 25.
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As noted by the SEC, the regulator intends to seek more feedback to consider the application. SkyBridge Capital applied to the Bitcoin ETF Commission on May 6. The watchdog is now considering applications from companies such as ARK Invest, One River, and Fidelity.
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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