SEC pushes decisions on WisdomTree’s and One River’s applications for spot Bitcoin ETFs


The United States Securities and Exchange Commission has extended its deadline for approving or disapproving spot Bitcoin (BTC) applications for exchange traded funds (ETFs) from asset managers WisdomTree and One River.

According to separate applications from Friday, the SEC will move the deadline for approving or disapproving a rule change that allows WisdomTree Bitcoin Trust and One River Carbon Neutral Bitcoin Trust shares to be listed on the Cboe BZX Exchange and New York Stock Exchange Arca, respectively. The regulatory office said it would extend the deadline for making a decision on WisdomTree’s Bitcoin investment vehicle to May 15 and One River on June 2.

A spot BTC ETF application from WisdomTree followed after the SEC turned down a similar offer from an asset manager in December 2021 after several delays. The monk said at the time that the BZX had not provided enough data to conclude that the crypto market was resistant to manipulation or to address concerns about possible sources of fraud and manipulation. WisdomTree applied for another spot on the BTC ETF list in February 2022.

In contrast, BTC’s One Rivera investment vehicle will be close to its 2022 deadline after the company applied on October 5 to include a proposed rule change on the NYSE Arca. The commission was expected to make a decision or extend the deadline for considering cryptocurrencies. ETF until April 3, but decided to postpone the deadline by an additional 60 days, until June 2, 2022. The SEC has the option to extend the review deadline or open an application for public comment until 240 days before a final decision is made.

“The Commission considers it appropriate to set a longer period within which to issue an order approving or rejecting a proposed rule change in order to have sufficient time to consider the proposed rule change and the issues raised in the comments submitted,” the SEC said in a statement. in connection with the One River application.

Related: Decision on Bitcoin ETF postponed, SEC commissioner wonders why

U.S. regulators continued to reject applications for a list of spot Bitcoin ETFs, but also gave the green light for investment funds related to BTC derivatives for the first time in October 2021. On March 11, the SEC rejected crypto ETF applications from New York Digital Investment Group and Global X. However, some BTC “strategic” ETF applications have had more success, and in 2021 the regulator approved the listing of shares of Valkyrie, ProShares and VanEck funds.



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