The SEC needs more time to decide
In a notice of designation filed November 1, the SEC again said it needs more time to decide whether to approve or reject Valkyrie's bitcoin fund. The new deadline has been pushed back from November 8 to January 7, 2022. It is the third time the decision has been postponed, having been postponed in June and August. The announcement says: "The Commission is extending the period for approving or disapproving the proposed rule change for an additional 60 days."This fund is different from Valkyrie's Bitcoin Strategy ETF, which was approved by the SEC and launched on Nasdaq on October 22 under the ticker BTF. With the proposed ticker BTCV, the Valkyrie Bitcoin Trust was originally filed with SEC in January 2021. This ETF issues shares of common stock representing interests in the trust, which holds Bitcoin directly. The BTF fund invests in futures contracts on the Chicago Mercantile Exchange, which SEC seems to favor at the moment.
Not the only ETF getting delayed
The current sentiment at SEC seems to be against any crypto funds that deviate from futures. The regulator has already rejected a leveraged BTC fund proposed by Valkyrie. ETF issuer Direxion has reportedly halted its inverse Bitcoin Strategy Bear ETF, which would have allowed speculators to buy futures that short the price of BTC. On November 3, Seyffart also reported that the bitcoin ETF managed by Advisor Shares and Morgan Creek, CRYP, was delayed until November 19.Continue reading by joining Cryptonary Pro
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