SEC Delays Decision on NYDIG’s Spot Bitcoin ETF Proposal

The commission now has until March 16 to approve or disapprove NYDIG’s proposal.

AccessTimeIconJan 4, 2022 at 6:58 p.m. UTC
Updated Jan 4, 2022 at 10:29 p.m. UTC

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

The U.S. Securities and Exchange Commission (SEC) has extended the time period for ruling on NYDIG’s proposal for a spot bitcoin exchange-traded fund (ETF) by 60 days in order to have “sufficient time to consider the proposed rule change and any comments received.”

  • The SEC’s original deadline was Jan. 15, so now it has until March 15 to make a decision.
  • In recent months, the SEC has rejected spot bitcoin ETF proposals from a number of investment companies, including VanEck, WisdomTree and Kryptoin.
  • It also recently delayed its decisions on spot bitcoin ETFs from Valkryie, Grayscale and Bitwise. Grayscale is owned by Digital Currency Group, which is the parent company of CoinDesk.
  • In the past, the SEC has typically postponed its decisions on approving bitcoin ETFs for as long as possible.
  • SEC Chair Gary Gensler has indicated multiple times that he prefers to see a bitcoin futures ETF over one that holds bitcoin directly. As of now, three bitcoin futures ETFs have begun trading in the U.S.

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Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

CoinDesk - Unknown

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

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