An application for a Bitcoin ETF from VanEck has been pending with the United States Securities and Exchange Commission since March 19. The SEC had 45 days to make a decision on VanEck's application, the deadline for which ends on May 3. But just a couple of days before the end of the initial deadline, the SEC has asked for a 45-day extension.
The SEC in its filing said that they are extending the deadline to make a final decision on VanEck's Bitcoin ETF application to June 17. With this announcement, the SEC will have another 45 days to make the decision. J. Matthew DeLesDernier, SEC Assistant Secretary said in the filing:
“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.”
Can the SEC Delay the Decision Further?
If the SEC wants, they can push the decision on VanEck’s Bitcoin ETF as far as mid-November. They are allowed to extend the deadline by 240 days to make a final call after receiving the application. After the requested 45 day period ends on June 17, the SEC can ask for a 90-day extension, followed by another 60-day extension, if it wants more time to come to a decision on VanEck's Bitcoin ETF.
Bitcoin ETFs in North America
The United States Securities and Exchange Commission has not approved any Bitcoin ETFs so far. Many experts believe that the SEC's decision will be no different this time around either. Canada, on the other hand, has approved multiple crypto ETFs this year, which include Purpose Bitcoin ETF and CI Galaxy Ethereum ETF.