By Jamie G - Crypto expert - 01-10-2021
The Securities and Exchange Commission (SEC) is no stranger when it comes to rejecting cryptocurrency exchange-traded funds (ETFs). In recent weeks, the community has been in talks wondering how the new Bitcoin (BTC) ETFs would affect the price to buy BTC. Most agreed that the price would rise greatly, but many analysts pointed out that the SEC would likely reject the ETFs as they have done with many others in the past.
However, in recent news regarding the BTC ETFs, the SEC has reportedly extended the deadline to decide on four Bitcoin ETFs rather than rejecting all funds that come through. The SEC has extended the timeframe by 45 days, giving them a month and a half to evaluate the funds further. According to the SEC, they need more time to decide on whether or not they should approve the 19b-4 applications, leaving the approval of the four ETFs to be pushed back.
Reportedly, the new dates for the ETFs will occur respectively in this order; Global X Bitcoin Trust has been for November 21, Valkyrie XBTO Bitcoin Future Fund for December 8, WisdomTree Bitcoin Trust for December 11, and Kryptoin Bitcoin ETF for December 24. If all is approved, investors will be able to buy Bitcoin ETFs in the near future.
If the SEC does approve even one Bitcoin ETF, it's expected to increase the price for buying Bitcoin significantly as a large number of traditional investors will take part.