The Securities and Exchange Commission of the United States of America has been vocal about its hostility towards the crypto-verse. The constant disapproval of Bitcoin ETFs is a significant model of the same.
Even though the world has started to embrace cryptocurrencies, a few governments and regulators continue to oppose them. Despite the ongoing slump that the market is currently in, the popularity of the assets continues to soar. This has forced regulators to take a deeper look into the industry. The SEC has had numerous fallouts with the crypto industry. The Ripple vs. SEC case stands as a prominent example.
Several firms have been seeking approval from the SEC for a Bitcoin ETF. However, the regulator has either delayed or shot down these appeals.
SEC delays another Bitcoin ETF appeal
In a recent report, the financial watchdog revealed that it was delaying its decision on Wisdom Tree’s Bitcoin ETF plea. The regulator took another turn and urged the public to submit their views on the approval or denial of the ETF.
The notice stated,
“The Commission requests that interested persons provide written submissions of their views, data and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal.”
Wisdom Tree filed an application with the regulator back in March 2021. This is the second time that the regulator is delaying its verdict. The agency was required to either give the project a green signal or deny it back in May 2021 itself.
The regulator has given the public a period of 21 days to submit their views to the Federal Register. Rebuttals will be filed within 35 days of publication. Elaborating on the reason behind the involvement of the public, the SEC wrote,
“The Exchange asserts that the manipulation concerns previously articulated by the Commission are sufficiently mitigated to the point that they are outweighed by quantifiable investor protection issues.”