Valkyrie Digital Assets’ BTC ETF Proposal Put on Hold by the SEC

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The US Securities and Exchange Commission, or SEC, announced earlier today that it has put on hold its decision to whether approve or not the proposal of Texas’ Valkyrie Digital Assets for a Bitcoin (BTC) exchange-traded fund (ETF). As per the SEC, it is only appropriate for it to contemplate further before imposing a decision due to the proposed rule amendment by the investment fund regarding its submitted BTC ETF proposal.

Notably, Valkyrie filed said BTC ETF application, named Valkyrie Bitcoin Trust, which aims to exist on the New York Stock Exchange (NYSE), early this January.

The SEC notes that the review period for the particular BTC ETF proposal would be extended by another 45 days, thus, setting the new decision date for August 10. With that being said, the authority could impose yet another extension if it finds the review period still unsatisfactory – just like what it did to VanEck’s Bitcoin Trust. The approval decision for the aforementioned BTC ETF has already been delayed twice this year.

BTC ETF on other countries continue to thrive as the US waits for its first approval

While many believe that the approval of a BTC ETF in the United States is already but a matter of time due to its now-significant demand, approved BTC ETF’s in other countries are already thriving. Canada’s 3iQ’s BTC ETF announces that it will now be starting trading on NASDAQ DUBAI, sparking a massive 10% increase in its shares price.

3iQ initially received regulatory clearance to take its BTC ETF, which goes under the ticker ‘QBTC,’ to Dubai this past April, thus, garnering the title for being the first crypto fund in the Middle East to go public.

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