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US SEC postpones decision on SkyBridge Bitcoin ETF till August

Hassan Maishera
ETF resting on a few stacked bitcoins

The United States SEC has postponed its decision for yet another Bitcoin ETF, this time pushing the decision date to next month.

The United States Securities and Exchange Commission (SEC) has decided to postpone its decision on the SkyBridge Bitcoin ETF. This latest decision was revealed in a recent filing by the regulatory agency.

Anthony Scarammuci’s SkyBridge Capital filed to launch a Bitcoin exchange-traded fund (ETF) in May, joining the likes of VanEck and WisdomTree in proposing a cryptocurrency ETF. The SEC was expected to decide this month but has extended the review period to August 25.

The SEC has already received public comments on the Bitcoin ETF proposal. This is the fourth Bitcoin ETF proposal that the SEC had delayed its decision on so far this year. The US regulator has postponed its decision on the VanEck application twice, and it has also delayed its decision on the WisdomTree Bitcoin ETF.

Despite the US SEC yet to approve a single Bitcoin ETF proposal, the number of companies filing to launch an exchange-traded fund continues to increase. Last month, Cathie Wood’s Ark Invest filed with the regulator to list a Bitcoin ETF.

Bitcoin ETFs are expected to make it easier for traditional financial institutions to gain exposure to the leading cryptocurrency. With ETFs, investors can gain exposure to Bitcoin without holding the actual coins.

The SEC is currently reviewing nine Bitcoin ETF applications and two Ether proposals filed by VanEck and WisdomTree. While the US is yet to approve a Bitcoin ETF, they are already trading in a few countries.

Bitcoin ETFs are trading in Brazil, Canada and Dubai. In Canada, there are a few Bitcoin ETFs available to investors and three Ether ETFs.

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