SEC Delays SkyBridge Capital’s Bitcoin ETF Application Review
The U.S. Securities and Exchange Commission (SEC) extended the review period for SkyBridge Capital’s plan to launch a Bitcoin ETF to August 25, 2021.
Led by Anthony Scaramucci, SkyBridge Capital and consulting firm First Trust Advisors filed an application to launch ETF based on the first cryptocurrency in March. The listing of the fund’s shares was planned on the New York Stock Exchange.
The regulator began reviewing the proposal in May.
According to the notice, the SEC received public comments on the application. The agency deemed it prudent to extend the decision deadline to ensure it had enough time to review the proposal and the feedback received.
Earlier, the Commission pushed back its decision on a similar application by Valkyrie Digital Assets to August 10, 2021.
In June, the regulator again extended the review period for VanEck and delayed a decision regarding the Kryptoin Investment Advisor Kryptoin Investment Advisor‘s application.
In May, the SEC moved the decision deadline for WisdomTree’s ETF application to July 14.
The regulator has taken a cautious stance toward this new class of ETFs, as they form a cornerstone of portfolios for many institutional investors, including pension funds.
As SEC Commissioner Hester Peirce has argued, the regulator would have approved exchange-traded products based on digital gold long ago if the standard approach had been applied to their review.
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