The Securities and Exchange Commission (SEC) of the United States is still in an information gathering stage when it comes to bitcoin (BTC) exchange-traded fund (ETF). The information was recently shared by a specialist from ETF.com.
Dave Nadig on SEC
According to Dave Nadig, ETF.com’s managing director, the SEC is clearly still in “information gathering mode.” He added that while there are technically deadlines to making decisions about BTC and ETF, the SEC can do what they want. As Nadig succinctly pointed out, the commission “can kick this down the road until they are comfortable.” And based on what the ETF expert heard, that is exactly what’s been happening.
Nadig relayed his observations while being interviewed for the ETF Edge show. He also claimed that while an ETF will be approved eventually, it’s not in the imminent horizon. He said that it might take about a quarter for approval to happen and that regulators will become more comfortable with it when the market matures.
Delayed Decision to Collect More Data
It does appear as the SEC is indeed taking its time. The SEC recently announced that it is delaying its decision regarding a VanEck bitcoin ETF proposal as it collates more data. The division had also postponed making a ruling on whether it will approve or deny Bitwise’s ETF as it asked for comments from affected parties.
Last year, SEC commissioner Hester Peirce said that a bitcoin ETF or cryptocurrency was possible but it’s still years away from happening. Peirce has been dubbed “Crypto Mom” by the crypto community because of her opposition to an SEC decision that rejected a bitcoin ETF proposal made by Tyler and Cameron Winklevoss.