VanEck, Fidelity Investments, and Valkyrie Digital Assets may not see Bitcoin listed funds or ETFs approved by US regulators for up to two years, according to an analyst at CFRA Research.

In an interview with CNBC ETF Edge on Monday, Todd Rosenbluth, head of ETF and mutual fund research at CFRA, host Bob Pisani, said he believes the U.S. Securities and Exchange Commission, or SEC, will extend the timing of the Bitcoin ETF’s valuation. VanEck asset management company in January. The Securities and Exchange Commission (SEC) officially confirmed receipt of the Bitcoin ETF application on March 15th, giving the regulator an April 29 deadline to make a decision or extend the deadline.

“We have a number of companies that have either undergone the enforcement process or advanced in the past, but are waiting for more clarity,” Rosenbluth said. “The SEC is unlikely to consider trying to pick a first-come-first-out winner, and I think we’re more likely to see them – if they agree to ETFs – approve more bitcoin-related ETFs.”

he added:

“We have a lot of companies popping up. We think we’re likely to see one in the next year or two, but we don’t have a specific timeframe when the answer is yes.”
Vanek and Valkyrie filed with SEC to create the Bitcoin ETF in January and Fidelity in March. The regulator has offered no indication that it will make a decision, but given its apparent reluctance to approve pre-crypted ETFs, many experts don’t expect a decision to be made anytime soon.

The US may not have approved crypto ETFs yet, but Canadian companies have taken the lead in North America. Toronto-based company Purpose Investments launched a Bitcoin ETF in February, and Ninepoint Partners is also said to be planning to switch Bitcoin’s offering to an ETF. The 3iQ Mutual Fund Manager and Evolve Funds Group announced that they have submitted a prospectus to Canadian regulators for approval to begin trading ETFs.

After filing for Fidelity last month, Rosenbluth said it is “a matter of when, not whether, the SEC will approve the Bitcoin ETF.” On Monday, it appeared to indicate that approval of another country in the US could likely open the portals for companies looking to create a crypto ETF.

Pisani said, “If they agree to someone, they agree to everyone.”

Source: CoinTelegraph

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