SkyBridge Capital’s Bitcoin ETF: The SEC Delays the Decision to August

After the US regulator postponed its decision about VanEck’s BTC ETF attempt, the watchdog has done the same with the application filed by Anthony Scaramucci’s SkyBridge Capital.

• CryptoPotato reported earlier this year when the global investment company based in NYC, SkyBridge Capital, filed with the SEC to launch a Bitcoin ETF. Should the product be approved, its service provider will be America’s oldest bank – BNY Mellon.
• Although the watchdog had until July 11th to make its decision whether or not it would approve the product, it has postponed the outcome until August 25th.

• “The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received.” – reads the new filing from the regulator.

• SkyBridge Capital’s application becomes the second in recent months to be postponed by the agency after VanEck’s attempt saw a similar development.
• Apart from these delays, the SEC has rejected all other filings from large companies striving to launch an exchange-traded fund tracking the performance of BTC.
• The agency’s Commissioner recently argued that such a product should have been approved a long time ago as the SEC’s examination methods are outdated.
• With these rejections, though, the Commission has attracted negative attention from various parties interested in launching a BTC ETF.
• According to a recent report, several fund managers and cryptocurrency insiders accused the agency of mistreating the digital asset space. They asserted that the SEC’s most famous argument – that the crypto market is manipulated – is also valid for other financial markets like stocks and gold.