The SEC has postponed its decision on a bitcoin ETF from Valkyrie Digital Assets, the second crypto fund application the regulator has delayed in the last week
The US Securities and Exchange Commission postponed the decision to approve or deny yet another bitcoin ETF application.
The regulator had to decide whether to approve the Valkyrie Bitcoin ETF by June 26, but it has now extended the review period to August 10. The SEC said it needed more time to make a decision.
The delay comes just a week after the SEC postponed a decision to approve a bitcoin ETF from asset manager VanEck, citing concerns over the potential for manipulation in the cryptocurrency market.
The SEC first delayed its decision on the VanEck's bitcoin ETF in late April, pushing its ruling back until June. But the SEC said in a filing last Wednesday it would take more time to consult with the public.
Despite the hesitancy from the SEC, investors have indicated that they're interested in a crypto-ETF.
A recent Credit Suisse survey found that 33% of financial advisors would prefer to invest in digital asset or cryptocurrency ETFs prior to making direct investments into the asset class. 40% of advisors would prefer crypto exposure via an ETF over directly investing entirely.
Canada has already approved and launched several bitcoin and ether ETFs, but the US is still waiting for SEC approval. Currently the SEC is reviewing at least eight applications for what could be the first cryptocurrency ETF in the country.
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