A decision on VanEck’s Bitcoin ETF has been postponed to June as the SEC believes more time is “appropriate” to consider the first US fund Financial and business news

Bitcoin recently hit a record high near $ 65,000.

Given Ruvic / Reuters

• The Securities and Exchange Commission on Wednesday postponed the timing of its decision to approve or reject VanEck’s Bitcoin ETF.
• The SEC plans to make a decision in June that will take another 45 days.
• Investors await approval of the first Bitcoin ETF in the US.
• You can find more articles on Insider’s business page.

The Securities and Exchange Commission announced on Wednesday that it will delay a decision on asset manager VanEck approving an exchange-traded bitcoin fund, leaving investors to wait to know when the U.S. will receive its first bitcoin ETF.

The regulator confirmed a request from CBOE Global Markets to approve the listing of shares in the VanEck Bitcoin ETF in mid-March, with the clock starting on a 45-day window for a decision.

But the SEC now says it will postpone its decision until June 17th.

“The Commission believes it appropriate to set a longer deadline for the proposed rule change to be implemented so that there is sufficient time to review the proposed rule change and the comments received,” said J. Matthew DeLesDernier, Assistant Secretary to the SEC, in a Communication Wednesday.

A review period can be extended by up to 240 days.

Bitcoin hit a record high near $ 65,000 this month, which coincided with the public debut of Coinbase, the largest cryptocurrency exchange in the United States.

VanEck had previously requested approval for a Bitcoin ETF, but withdrew the proposal in September 2019.

The SEC announced last week it would begin reviewing cryptoin’s application for a bitcoin ETF. The Canadian regulators have already approved two such funds and an Ether ETF this year.