While the Canadian crypto ETF launches are coming fast and thick, the U.S. Securities and Exchange Commission (SEC) is pushing back a decision on the latest bid to allow these vehicles in the U.S.
Last month, Cboe BZX Exchange, Inc. sought approval for a proposed rule change to allow it to list and trade shares of the VanEck Bitcoin Trust.
The SEC had 45 days to provide its decision on the proposal, which is due to end on May 3.
However, the SEC has now pushed back its ruling, issuing an order that extends the decision deadline for another 45 days to June 17.
So far, the SEC has consistently rejected efforts to allow crypto-based investment funds in the U.S., whereas the Ontario Securities Commission (OSC) approved the first Bitcoin ETF in Canada earlier this year — a development that has been followed by several Bitcoin fund launches, and an expansion into Ethereum-based funds too.
While it’s expected that the SEC will eventually allow these products to trade in the U.S. too, for now that decision will have to wait.