SEC Delays Approval of Bitcoin Exchange Fund; Gas Prices Continue Climb – Newsweek

SEC Delays Approval of Bitcoin Exchange Fund; Gas Prices Continue Climb – Newsweek

CryptoCorner

The U.S. Securities and Exchange Commission (SEC) delayed completion of its review of SkyBridge Capital’s application for a Bitcoin exchange traded fund to late August.

SkyBridge Capital, a $7 billion alternative investment fund headed by Anthony Scaramucci, filed an application May 6 to launch and trade shares of the First Trust Bitcoin ETF Trust and hoped for approval within the 45-day review period.

“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 comments received,” J. Matthew DeLesDernier, SEC Assistant Secretary, said in a letter posted on the Federal agency’s website. “Accordingly . . . the Commission designates August 25, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

The proposed ETF would allow retail investors to invest in Bitcoin without direct ownership of the asset. So far, the SEC has been reluctant to approve a Bitcoin ETF and some speculate it won’t because the crypto is too volatile.

But that hasn’t killed interest in Bitcoin.