The US Securities and Exchange Commission (SEC) announced July 13 that its decision regarding Wisdom Tree’s Bitcoin (BTC) exchange-traded fund (ETF) would be pushed back to this autumn season, all the while requesting public feedback. This particular request will enable the public to make their opinions known regarding the approval or denial of Wisdom Tree’s BTC ETF.
As per the SEC notice, the commission is looking to the interested public individuals to submit any concerns, opinions, data, or arguments that they may currently possess concerning the particular BTC ETF proposal. Public comments are then required to be forwarded to the Federal Register in the next 21 days, while rebuttals are filed 35 days from publication. The SEC intends to gauge whether Wisdom Tree’s BTC ETF proposal is susceptible to manipulation tactics or not using the data garnered from the requested public feedback.
Interestingly, the regulators are now reviewing more than a dozen BTC ETF proposals, with none still receiving the coveted approval. Despite countless arguments made by the crypto community stating that a BTC ETF can prove helpful to investors and establishes a more regulated market, the federal securities regulators still feel seemingly hesitant to approve any proposal made in the US.