The images are from Jakub Porzycki.
The Securities and Exchange Commission delayed its decision on the NYDIG proposed spot bitcoin exchange-traded fund for another 60 days.
The deadline is now March 15 according to the notice. The SEC will have enough time to consider the proposal from NYDIG, a subsidiary of Stone Ridge, according to the notice.
The SEC has punted decisions on spotbitcoin exchange traded funds, which would track the real-time price of the currency. The SEC rejected the proposals because they didn't meet the standard to prevent fraud and manipulation.
The SEC has approved several futures exchange traded funds related to the virtual currency. SEC Chairman Gary Gensler used to cite a 1940 law that provided investor protection for mutual funds and exchange traded funds as the reason for his acceptance of the bitcoin futures products.
Last year, Canada approved spotbitcoin exchange traded funds, which gave enthusiasts hope that the SEC would approve them as well.
But Gensler is still cautious. In August, he urged Congress to give the SEC more regulatory authority over the $2 trillion market for cryptocurrencies, which he likened to the "wild west" of Wall Street because of its lack of investor protections. Many investors have lost their money in the market.
Business Insider has an original article.
