US SEC Extends Deadline for Approving Grayscale and Bitwise’s Bitcoin ETF Applications

The United States Securities and Exchange Commission has delayed its decision on the Bitwise Bitcoin ETP trust and Grayscale Bitcoin trust applications.

SEC extends approval date to February 2021

The regulatory body has extended the dates of both applications in order to decide whether they should be approved, rejected, or “institute proceedings” to disapprove them.

“The Commission considers it appropriate to give the Commission a longer time period to act on the proposed change to the rule,” the SEC stated to both firms in its notices.

The financial regulator is expected to make a decision by February 1, 2022 for the Bitwise Bitcoin ETP Trust, and February 6, 2022 for the Grayscale Bitcoin Trust.

Bitwise Bitcoin ETF Trust

Bitwise Asset Management filed a request with NYSE Arca earlier in October for a Bitcoin ETF. It will give its clients exposure only to actual Bitcoin, rather than derivatives such as Bitcoin futures. Bitwise Asset Management had previously filed with NYSE Arca but withdrew because of regulatory concerns.

According to the filing, Bitwise plans to register approximately 1,000 shares of its Bitwise Bitcoin ETP Trust at a maximum price of $25. The trust will use the CME U.S. Refer Rate as a price reference.

Matt Hougan (chief investment officer) expressed his confidence that the SEC would approve its application despite numerous failed attempts.

“The market is maturing. He said that an actual BTC ETF could now be approved.

Grayscale Converts Bitcoin Trust to ETF

Grayscale Investments (the world’s largest digital currency asset manger) also filed a request to the SEC for a conversion of its Grayscale Bitcoin Trust to a Bitcoin Spot Exchange Fund (ETF) around the same time Bitwise did.

According to a December 17 update, the company’s assets under management (AUM) totals $44 billion.

Grayscale Bitcoin Spot ETF proposal would be backed with actual units of digital assets, and not linked to it via derivative contracts.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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