SEC Delays Decision On WisdomTree, One River Spot Bitcoin ETF Proposals

KEY POINTS

WisdomTree received a rejection on its bidding in December
The firm submitted a new proposal in February
New SEC order has extended order date to May 15

The U.S. Securities and Exchange Commission (SEC) has delayed decisions on two spot bitcoin exchange-traded fund (ETF) proposals, namely WisdomTree and One River.

In an order released March 18, SEC designated an additional 45 days to consider a new proposal WisdomTree submitted after its filing in December was rejected. The firm submitted the new proposal last month. The first deadline for an SEC decision was on March 31, which is now May 15.

"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 any comments received," read the order.

SEC has also delayed the decision for digital asset fund One River backed by billionaire investor Alan Howard that filed for its One River Carbon Neutral Bitcoin Trust in May of 2021. The proposed rule change was published to the federal register for comment in October.

The commission was slated to issue a decision on April 3, but the order designates an additional 60 days for a June 2 decision.

Regulators have continued to deny applications to list spot Bitcoin ETFs. Earlier in February, SEC delayed a decision on whether to allow the listing of a spot Bitcoin exchange-traded fund by Bitwise Asset Management and sought further clarification from the company.

In December, the SEC rejected investment firm Kryptoin’s proposal for a spot Bitcoin ETF after evaluating it for over eight months.