In a document published by the U.S. Securities and Exchange Commission (SEC), the financial regulator announced it postponed its decision on the Bitwise exchange-traded fund (ETF) proposal filed with NYSE Arca.
The proposal was first filed in January of this year, kicking off a new race to launch a Bitcoin ETF in the United States. A regulated ETF is expected to bring institutional investment and therefore, liquidity to the crypto space.
Once the Bitwise ETF is published in the Federal Register, a three-week-long public comment period will commence. This will be followed by a two-week-long period for responses. The SEC has until August 14 to make a decision on the Bitwise ETF. Should they choose to delay once more, the final deadline will become October 13.
The SEC last postponed a decision on both the Bitwise and VanEck/SolidX proposals at the end of March, kicking both to May. The regulator has yet to approve any Bitcoin ETFs, though most people believe that it’s only a matter of time.