As per the latest reports, the United States Securities and Exchange Commission has made a concerning announcement for the investment community. The reports suggest that the US SEC has announced that it is putting the application consideration of one of the BTC ETFs on hold.
The firm has announced that it is currently going to put the approvals of the BTC EFTs on hold for an indefinite amount of time. The news comes after the submission of the recent BTC ETF request submitted by Valkyrie Digital Assets.
Valkyrie Digital Assets has revealed in a statement that it has received a communication from the US SEC in regards to its BTC ETF application. The regulator has informed them that there will be a delay in approving their request for the exchange-traded fund of Bitcoin.
Valkyrie is a Digital Assets firm that belongs to the investment fund family that is based in Texas.
The announcement in regards to the delaying of the approval process for the BTC ETF was made by the US SEC on Tuesday, June 29, 2021. In the announcement, the US SEC has announced that after careful consideration, it has come to a conclusion about the considering process for the BTC ETF.
It has been agreed that it would be appropriate for the BTC ETF process to be elongated and stretched the time period for the approval of the BTC ETF. For the record, the request for the approval of the Valkyrie Bitcoin Trust was filed by the firm back in January 2021.
In the request, Valkyrie Digital Assets firm had proposed that once approved, it would want to launch its listing through the New York Stock Exchange (NYSE).
The US SEC has revealed that it has just received the comments for the funds that were made and published for the process back in May 2021. The regulatory authority has clarified that it has decided to extend the reviewing process for the ETF approval by 45 days.
The US SEC has confirmed that the final decision on the Valkyrie Bitcoin Bitcoin Trust would be made and provided by August 10, 2021.
This is not the first BTC ETF that has experienced a delay in the approval process from the SEC’s end. Prior to the Valkyrie Bitcoin Trust, it was VanEck’s Bitcoin Trust that had experienced a delay in the approval process. The approval delay for VanEck Bitcoin Trust was the second delay that the US SEC had experienced in the year 2021.
The US SEC has clarified that by August 10, it will be aiming to collect more public feedback and comments in regards to the Valkyrie Bitcoin Trust.