Approval of a bitcoin ETF might take longer than expected as SEC Chairman expresses caution

Approval of a bitcoin ETF might take longer than expected as SEC Chairman expresses caution

Investors and fund managers are longing for the Securities and Exchange Commission's approval of a ETF, but recent comments from Chairman Gary Gensler suggest they best not hold their breath. have been under review by the SEC for months, but regulatory scrutiny remains as the applications await a final decision. Gensler told Congress last week that "there are many challenges and gaps for investor protection in [crypto] markets," adding that "none of the exchanges trading crypto tokens has registered yet as an exchange with the SEC." His comments suggest that the SEC wants to have more regulatory oversight of cryptocurrencies before it approves a slew of bitcoin etf applications. Current bitcoin ETF applicants awaiting approval from the SEC include Fidelity, WisdomTree, and VanEck, among others. VanEck's bitcoin ETF filing was supposed to receive a decision from the SEC on April 28, but hours before the deadline, the agency delayed the decision to June at the earliest. There's nothing stopping the SEC from delaying that decision again, according to Laura Morrison, global head of listings at CBOE. "I expect that [delay] to happen with all of our filings, to be honest," Morrison Many of the bitcoin ETF applications have picked the