Dado Ruvic/Reuters
- The Securities and Exchange Commission on Wednesday pushed back the timing on rendering a decision to approve or reject VanEck's bitcoin ETF.
- The SEC is aiming to issue a decision in June, giving itself an additional 45 days.
- Investors are waiting for the approval of the first bitcoin ETF in the US.
- See more stories on Insider's business page.
The Securities and Exchange Commission said Wednesday it will delay a decision on whether to approve a bitcoin exchange-traded fund from asset manager VanEck, keeping investors waiting to hear when the US will get its first bitcoin ETF.
The regulator in mid-March acknowledged an application by CBOE Global Markets seeking approval to list shares of VanEck's bitcoin ETF, starting the clock on a 45-day window to come to a decision.
But the SEC now says it will push back its ruling until June 17.
"The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received," said J. Matthew DeLesDernier, assistant secretary at the SEC, in a notice Wednesday.
A review period can be extended for up to 240 days.
Bitcoin this month hit a record high near $65,000, coinciding with the public debut of Coinbase, the largest cryptocurrency exchange in the US.
VanEck previously filed for approval of a bitcoin ETF but withdrew the proposal in September 2019.
The SEC last week said it would begin a review of Kryptoin's application for a bitcoin ETF. Canadian regulators this year have already approved two such funds, as well as an ether ETF.