The US regulatory agency pushed back the deadlines a further 45 to 60 days, explaining it needed more time to review the 19b-4 applications

Last Friday, the SEC delayed a decision regarding whether several entities applying for a US cryptocurrency fund approval would be granted one. Not for the first time, the SEC pushed the decision deadline back by 45 to 60 days for four applicants, meaning that the earliest any of these companies is expected to get a decision will be November.

” The Commission considers it appropriate to give the order to approve or deny the rule change. This will allow the Commission sufficient time to review the rule change and to address the issues raised by the comments letters. ,” Files from the Commission read.

The SEC now plans to deliver a decision on Global X Bitcoin Trust on 21 November. Valkyrie XBTO Bitcoin Futures Fund’s decision is now slated for 8 December, while WisdomTree will get a verdict on 11 December. The SEC added that a pronouncement on Kryptoin Bitcoin ETF is to be given on 24 December.

VanEck, the first company to apply for approval of a Bitcoin ETF was VanEck. This was followed by more than a dozen companies. The majority of applicants have yet to be approved by the regulatory body. The agency has become notorious for dragging its feet, with the few that have received a decision getting rejected.

However, many believe that the SEC will approve the first Bitcoin ETF in the near future due to the current market. A prediction from Bloomberg analysts suggests that approval could come as soon as this month. The analysts hinted at Proshares’ Bitcoin futures ETF as the one that could receive the first green light.

The approval of a Bitcoin ETF will be an essential growth marker for the ETP market worldwide, which currently comprises products worth $263 billion. Approval of a Bitcoin ETF is being seen as a game changer as it will open the market to many conservative people who are unwilling to purchase crypto directly.

SEC Chairman Gary Gensler is under fire from the crypto community after he said crypto was not a practical type of private money and compared stablecoins with casino poker chips. Gensler is known for being a negative advocate of crypto products in today’s environment, but he has strangely not been the same with Bitcoin futures. In the past, Gensler has stated that Bitcoin ETFs are more welcomed if they are based on Bitcoin futures and not the asset itself.