SEC Defers Decisions on Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) again delayed making a decision on whether to approve the first U.S. exchange-traded fund that invests directly in Bitcoin. The SEC deferred on filings from Bitwise, VanEck, Invesco, Valkyrie and WisdomTree, according to documents posted on its website. A BlackRock spokesperson said the firm was also deferred. The decision comes after Grayscale Investments won a victory over the SEC when a federal appeals court overturned the rejection of its application to convert its Bitcoin trust into an ETF. In the decision, the denial was called “arbitrary and capricious” because the SEC failed to explain its different treatment of similar products.
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