The SEC commissioner questions why the Bitcoin ETF decision was delayed

The long-awaited NYDIG Bitcoin ETF suffered another setback, causing severe pain for Bitcoin bulls.
The United States Securities and Exchange Commission delayed its decision to approve NYDIG’s spot exchange-traded funds (ETFs) for Bitcoin (BTC). It did so on Tuesday. In a notice published Tuesday, the SEC stated that it was “appropriate” to give the ETF a longer approval or disapproval period. The United States Securities and Exchange Commission published a notice on Tuesday, stating that it was “appropriate to designate a longer period within which to issue an order approving or disapproving” the ETF. Although crypto enthusiasts are used the delays and rejections in BTC spot ETFs but, Hester Peirce, SEC Commissioner, said that while they have issued a number of denials in recent times, those still use reasoning that is outdated. If it was approved, it would have been the first spot Bitcoin ETF in America. Investors based in the United States can get exposure to Bitcoin through Valkyrie’s latest ETF offering, or through the popular ProShares BTC Futures Contracts fund. Investors still want to be able to gain direct exposure to the asset. Fidelity Canada launched a BTC mutual fund and ETF in December. Latin American and Brazilian investors can access BTC spot ETFs. It begs the question: When will a US-based spot ETF become available? According to ETF.com, there are over 20 BTC-related ETFs that are awaiting approval or rejection in the U.S.

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