SEC delays decision on NYDIG's bitcoin ETF proposal

Bitcoin • January 4, 2022, 3:07PM EST
UPDATED: January 17, 2022, 6:50PM EST
The Block

The Securities and Exchange Commission (SEC) has delayed on another spot bitcoin exchange-traded fund (ETF), as an extension notice for NYDIG's Bitcoin ETF hit the register today.

"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 comments that have been submitted in connection therewith," said the order.

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The Commission designated an additional 60 days. NYDIG can now expect an answer on its proposal by March 16. NYSE Arca first filed to list the product on June 30, 2021, putting the SEC on the decision clock. This is the latest in a series of extensions from the securities regulator. 

After multiple extensions and taking the full time available, the SEC also recently delivered rejection orders to VanEck, WisdomTree, Kryptoin and Valkyrie's proposed products. 

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Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.

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