SEC again delays decision on Grayscale’s Bitcoin ETF

America Securities and Alternate Fee (SEC) has as soon as once more delayed its ruling on whether or not to approve Grayscale’s software for a Bitcoin (BTC) exchange-traded fund (ETF), citing acquainted considerations round manipulation, liquidity and transparency. 

In a discover revealed Friday afternoon, the SEC expressed considerations about how the digital asset supervisor intends to transform its Grayscale Bitcoin Belief (GBTC) right into a spot ETF. Specifically, the regulator wasn’t satisfied that Grayscale’s proposal was designed to forestall alleged fraud and manipulation within the Bitcoin market. The SEC has invited the general public to touch upon these points, giving events 21 days to reply in writing.

The SEC has simply delayed their resolution on whether or not GBTC can convert to a bitcoin ETF.

— Pomp (@APompliano) February 4, 2022

As Cointelegraph reported, Grayscale’s preliminary software to transform shares of GBTC right into a spot Bitcoin ETF was submitted to the SEC in October. Lower than two months later, the securities regulator introduced that it was postponing its decision on Grayscale’s application and an identical proposal put ahead by Bitwise.

Grayscale is the world’s largest digital asset supervisor with $36.5 billion in property below administration as of Feb. 4. Its GBTC product accounts for over 71% of its whole property. 

02/04/22 UPDATE: Web Property Underneath Administration, Holdings per Share, and Market Value per Share for our Funding Merchandise.

Complete AUM: $36.5 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $ADA $SOL $AMP pic.twitter.com/1IqNGLX3QP

— Grayscale (@Grayscale) February 4, 2022

Associated: Canadian Bitcoin ETF sees its third-biggest daily inflow ever

Whereas the SEC has been hesitant to approve a spot Bitcoin ETF, the regulator has been much more receptive to a futures-linked product. In October, the ProShares Bitcoin Strategy ETF turned the primary Bitcoin futures fund to be authorized in america. Shortly thereafter, the SEC authorized a pair of Bitcoin-linked Technique ETFs from Valkyrie and VanEck.