For the second time in a week, the US SEC has postponed its decision on approving a Bitcoin ETF

Cailian Press (Shanghai, editor Bian Chun) reported that after postponing its decision on the Bitcoin product proposed by ETF provider VanEck last week, the U.S. Securities and Exchange Commission (SEC) made another decision on Wednesday on approving another Bitcoin ETF application.

The SEC originally had to decide whether to approve the Valkyrie Bitcoin ETF by June 26, but has now extended its review deadline to August 10. The regulator said it needed more time to make a decision.

This is the second time in a week that the SEC has postponed its decision on approving a Bitcoin ETF. Last Wednesday, the SEC postponed its decision on the approval of the Bitcoin ETF of asset management company VanEck, citing concerns that the cryptocurrency market could be manipulated, and said it needed more time to solicit public opinions. The SEC first postponed its decision on the VanEck Bitcoin ETF at the end of April, postponing the review period to June.

Investors show strong interest in cryptocurrency ETFs

Despite the SEC’s hesitation, investors’ appetite for cryptocurrency ETFs is clear.

A recent Credit Suisse survey found that 33% of financial advisors would prefer to invest in digital assets or a cryptocurrency ETF before investing directly in cryptocurrencies. 40% of advisors would prefer to invest in cryptocurrencies through ETFs rather than investing directly.

A Bitcoin ETF would pave the way for more Americans to get involved in digital assets while also reducing transaction costs for the entire cryptocurrency ecosystem.

VanEck, Fidelity and others have been seeking regulatory approval for bitcoin ETFs to trade in the U.S. Canada has approved and launched several bitcoin and ethereum ETFs, but the U.S. is still awaiting SEC approval.

The SEC has received about a dozen bitcoin ETF proposals over the past eight years but has yet to approve any of them due to concerns about investor protection. In recent months, the regulator has also delayed decisions on ETF applications from Kryptoin and WisdomTree.

On Wednesday, Bitcoin rebounded sharply, once returning to $34,000. The day before, the price of the cryptocurrency once fell below the $30,000 mark due to multiple negative factors. As of now, the price of Bitcoin has fallen back below $33,000, a 24-hour drop of 4%.