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SEC sends Skybridge to the waiting room on its Bitcoin ETF
The United States Securities and Exchange Commission (SEC) has extended its review of SkyBridge Capital’s application for their Bitcoin exchange-traded fund (ETF). This according to a recent filing by the U.S. regulatory agency.
SkyBridge Capital, headed by Anthony Scarammuci had submitted their application on May 6 to list and trade shares of the First Trust SkyBridge Bitcoin ETF Trust.
The initial 45-day review period has now been extended until August 25 .
The wait is still on for the first approved Bitcoin ETF in the United States. A few weeks back, VanEcks application was put on hold and also got their review period extended.
Right now, it looks like the SEC is making use of all tools available and will postpone any decision making for as long as it can. They can stretch for as long as 240 days before ultimately rejecting an application as they have in the past.
Just a week ago, Anthony Scaramucci announced that his company had also filed for an Ethereum ETF. He said his company has a “full commitment to crypto.”
So far, under fresh leadership of Gary Gensler, the SEC has not yet lived up to the crypto community and their expectations. A more crypto-friendly breeze over the crypto industry is yet to come out.
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Author: Peter Siu