After the US regulator postponed its decision about VanEck’s BTC ETF attempt, the watchdog has done the same with the application filed by Anthony Scaramucci’s SkyBridge Capital.
- CryptoPotato reported earlier this year when the global investment company based in NYC, SkyBridge Capital, filed with the SEC to launch a Bitcoin ETF. Should the product be approved, its service provider will be America’s oldest bank – BNY Mellon.
- Although the watchdog had until July 11th to make its decision whether or not it would approve the product, it has postponed the outcome until August 25th.
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“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received.” – reads the new filing from the regulator.
- SkyBridge Capital’s application becomes the second in recent months to be postponed by the agency after VanEck’s attempt saw a similar development.
- Apart from these delays, the SEC has rejected all other filings from large companies striving to launch an exchange-traded fund tracking the performance of BTC.
- The agency’s Commissioner recently argued that such a product should have been approved a long time ago as the SEC’s examination methods are outdated.
- With these rejections, though, the Commission has attracted negative attention from various parties interested in launching a BTC ETF.
- According to a recent report, several fund managers and cryptocurrency insiders accused the agency of mistreating the digital asset space. They asserted that the SEC’s most famous argument – that the crypto market is manipulated – is also valid for other financial markets like stocks and gold.