The United States Securities and Exchange Commission (SEC) has delayed its decision on Stone Ridge Holdings Group’s NYDIG Bitcoin ETF, according to a notice published on Jan 4, 2022. This is yet another bitcoin ETF that has been subject to a delay by the regulator. The decision will now be delayed by a maximum of two months.
The SEC has decided to extend the time period for approving or disapproving the rule change.
As reported earlier, the initial deadline for the bitcoin ETF decision was Jan 15, 2022, which was quickly approaching. The SEC has decided to extend the time period for approving or disapproving the rule change, as has been done in the past. The VanEck Bitcoin ETF was one that was delayed multiple times and received a lot of attention for it. Though it was eventually rejected, the delays were acted out so that the SEC could receive public commentary on the investment vehicle. The SEC has touted investor protection as one of the major reasons behind these delays.
SEC Chairman Gary Gensler has told the U.S. Congress that the crypto market needs more investor protection.
SEC Chairman Gary Gensler has told the U.S. Congress that the crypto market needs more investor protection, and this has been a thorn in the side of the market. However, some have said that these delays could have consequences for the market, including SEC Commissioner Hester Peirce. The SEC has been vocal about the need for regulation and better measures for investor protection before allowing an ETF. It also recently rejected the Valkyrie and Kryptoin bitcoin spot ETFs, and this continues the trend of rejecting spot ETFs.