SEC Again Delays Decision on Bitwise Bitcoin ETF Approval

Update (12:55 UTC, May 21, 2019): The Bitwise ETF proposal has now been published on the Federal Register, kicking off a five-week comment period.

The U.S. Securities and Exchange Commission (SEC) again delayed a decision on whether to approve or rejecta bitcoin exchange-traded fund (ETF) on Tuesday.

In a new document published by the SEC, the regulator said it would hold off on making a decision on the Bitwise ETF proposal filed with NYSE Arca.

The proposal was first filed in January of this year, kicking off a new race to launch a bitcoin ETF in the U.S., which is expected to bring fresh money – and therefore, liquidity – to the crypto space.

The SEC last postponed a decision on both the Bitwise and VanEck/SolidX proposals at the end of March, kicking both to May. The regulator has yet to approve any bitcoin ETFs, though both experts in the space and officials with the agency seem to believe that it's only a matter of time.

Crypto Crescent Asset Management, a digital asset and fund manager, has also proposed a crypto ETF, which would give customers exposure to both bitcoin and ether. The firm, which is partnering with NYSE Arca, has not yet formally filed its proposal, however.

There will be a public comment period for three weeks after the latest document regarding the Bitwise ETF is published in the Federal Register, plus an additional two weeks for responses.

May 14, 2019: SEC Notice Regarding Bitwise Bitcoin ETF by CoinDesk on Scribd

SEC image via Shutterstock