SEC delays ruling on WisdomTree and One River spot Bitcoin ETFs

The U.S. Securities and Exchange Commission (SEC) has pushed back the deadline for ruling on the applications by asset managers WisdomTree and One River to launch spot Bitcoin ETFs to May 15 and June 2, respectively.

“The Commission believes it is appropriate to designate a longer period for taking action on the proposed rule change […] and for consideration of any comments received,” — according to the documents.

One River Asset Management applied to launch a carbon-neutral bitcoin ETF in May 2021. A feature of the product was its obligation to buy ‘carbon credits’ to offset CO2 emissions associated with the mining of the acquired assets.

On December 3, 2021, the SEC rejected the WisdomTree filing. The company made changes to the document and resubmitted it in February 2022.

The Commission has not approved any applications for launching a spot Bitcoin ETF. At the same time, the agency allowed the launch of exchange-traded funds based on futures for the first cryptocurrency from VanEck and Valkyrie Investments, as well as ProShares.

Grayscale has said that transforming its bitcoin trust into an ETF is the top priority. The company submitted the corresponding application to the regulator in October 2021. In February 2022 the SEC delayed making a decision.

Earlier, Grayscale suggested that the Commission violated the law in approving futures-based Bitcoin ETFs.

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