SEC Extends Window For WisdomTree BTC ETF Decision

SEC extends window for WisdomTree BTC ETF decision to May 15 and will also extend the window for One River’s decision to June 2 so let’s read more in today’s latest Bitcoin news.

The US SEC extended its window to approve or to disapprove spot BTC exchange-traded fund applications from the asset managers One River and WisdomTree. According to the seaprate filings, the SEC extends windows for decision for allowing shares of WisdomTree Bitcoin Trust and One River Carbon Neutral Bitcoin Trust to be listed on the cBOE BZX Exchange and the New York Stock Exchange Arca. The regulator said it will also extend the deadline for WisdomTree’s BTC investment vehicle to May 15 and One River’s to June 2.

The spot BTC ETF application from WisdomTree followed the SEC rejecting a similar offering from the asset manager back in 2021 after many delays. The regulator said that at the time the BZX exchange didn’t provide enough data to conclude the market is resistant to manipulation or address the concerns about the sources of fraud and manipulation.
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WisdomTree filed for another spot BTC ETF listing in 2022.

In contrast, One River’s BTC investment vehicle will be near the final deadline in 2022 after the company filed for a rule change listing on October 5. The commission was expected to reach a decision or to extend its deliberation window on the ETF by April 3^rd but then chose to push the deadline for another 60 days to June 2, 2022. The SEC has the ability to extend the deliberation window or to open the application up to comment for 240 days before delivering a final decision. The SEC explained the One River application:

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the comments that have been submitted in connection therewith.”

Regulators in the US continued to deny applications to list spot BTC ETFs but gave the green light to investment vehicles linked to the BTC derivatives for the first time in October 2021 and the SEC rejected the crypto ETF application from the New York Digital Investment Group and GLobal X. the BTC strategy ETF applications had more success with the regulator in 2021 approving the listing of the shares of funds from VanEck, ProShares and Valkyrie.