Sunday, September 25, 2022

SEC Slows Down on WisdomTree and One River Spot Bitcoin ETF Plans

The United States Securities and Exchange Commission (SEC) is stalling in its decision as regards the spot Bitcoin (BTC) exchange-traded fund (ETF) proposals of both WisdomTree Investment Inc. and One River Asset Management Holdings in different filings. For WisdomTree, this is another proposal submission, as a prior application was turned down last year after a long thread of holdups. 

Based on the report, the financial watchdog’s hesitation is to permit the listing of WisdomTree BTC Trust shares on Cboe BZX and One River BTC Trust on New York Stock Exchange Arca (NYSE Arca). So far, for WisdomTree, Cboe BZX has not provided enough information to ascertain whether the crypto-financial firm is fraud-free or resistant to illegal external trade alterations.

The Securities and Exchange Commission is at liberty to decide how long it intends to take before issuing approval or disapproval as long as it is within the 240 days limit. During this period, the SEC could also decide if it wishes to publicize the findings arrived at as regards the crypto firms under deliberation or get public opinion.

The window for the consideration of the WisdomTree proposal has been extended to Sunday, May 15th against the Thursday, March 31st deadline that was proposed by SEC. Therefore, it means that WisdomTree has to wait an extra 45 days before receiving its decision.

For One River, a longer window has been approved. The firm was meant to get an extension till Sunday, April 3rd but a 60-day period was endorsed, hence, the deadline reached for One River Asset Management is Thursday, June 2nd.

SEC Verdict on ETF Listings

While both crypto firms await their verdicts, many other firms are still applying for their ETF listing. VanEck ETF filed an application to launch a product that will track gold and digital asset mining earlier this month. Fidelity Investment received a different fate as its application for spot bitcoin ETF was not approved. NYDIG and Global X were not left out in being dished a disapproval.

Several others like ProShares and Valkyrie have long received approval for their spot Bitcoin ETF listing. At the time of this writing, no news has suggested that either WisdomTree Investment or One River Asset Management will get either an approval or disapproval.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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