"The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the comment letters that have been submitted in connection therewith."
The SEC has a history of extensions when it comes to bitcoin ETFs. Many of the last wave of applications faced as many extensions as the Commission's mandate allows until finally receiving rejections.
Since the changing of the guard at the SEC, a new wave of applications have been filed facing similar extensions. VanEck's offering was the first to receive the treatment, receiving an extension that also called for more comment letters on the proposal. It is the furthest along in the review cycle, meaning it will likely be the first to receive a decision order. Hopefuls can expect an answer on VanEck by November 14.
Chair Gary Gensler recently expressed his interest in reviewing applications for a bitcoin ETF tied to futures under the Investment Company Act of 1940. In those comments, he notably omitted any mention of spot products filed under the Securities Act of 1933, under which all of the above products proposed to be regulated.