The U.S still appears to be jittery about Bitcoin ETFs. Over the last couple of years, a number of them have been filed, and after lengthy delays, they have been rejected. The latest to have its ETF delayed is Kryptoin.
In a notice issued a few days ago, the Securities and Exchange Commission announced that a decision on the Kryptoin product would be pushed to July 27th. The notice stated that the commission deemed it fit to take longer before deciding on it. As per the notice, the idea was to take into account changes in the rules regarding ETFs.
Kryptoin’s BTC product is a big deal for investors. That’s because it would deal in actual Bitcoins. This is in contrast to most bitcoin derivatives that are merely derivatives tracking BTC’s price movements.
The delay may not be a good signal for Kryptoin. That’s because the SEC has rejected other ETFs that were filed around the same time as theirs. Some of those that were filed around this time but have been rejected include those by Wilshire Phoenix and Bitwise. The Wilshire one was rejected, while Bitwise chose to withdraw its bitcoin derivative filing instead.
Kryptoin has been working hard to have its bitcoin derivative approved. Over a month ago, the firm made some amendments to its Bitcoin derivative. Some of the amendments it made involved the inclusion of service providers that would have a role in helping the ETF succeed.
If this bitcoin derivative gets approved, it would be a big deal because many have come before it, and all got rejected.