Crypto investors will have to wait longer for regulators to decide whether to approve the first exchange-traded fund (ETF) that holds a diversified portfolio of spot cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).
Crypto investors will have to wait a little longer to find out if the U.S. Securities and Exchange Commission (SEC) will approve the first exchange-traded fund (ETF) that holds a diversified portfolio of spot cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).
On Friday, the SEC pushed back the decision timeline on Hashdex’s application to list a combo ETF on the Nasdaq exchange.
The SEC had 45 days to decide on Hashdex’s application after it was filed on July 15. However, the Commission can extend this period by 60 days.
In a regulatory filing on August 9, the SEC announced that it had extended the initial 45-day review period for the Hashdex ETF proposal. The Commission has set a new deadline of September 30 to either greenlight, reject, or institute proceedings to decide whether to disapprove the proposed rule change.
“The Commission finds it 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 issues therein,” the SEC stated.
Hashdex submitted its registration statement with the SEC in June. If approved, the Hashdex Nasdaq Crypto Index US ETF would allow investors to buy and sell shares of this ETF. It is designed to track the value of Bitcoin and Ether, with the possibility of later holding more altcoins depending on how the regulatory landscape plays out.
Notably, if Hashdex’s planned ETF secures the top regulator’s nod, it would be the first diversified spot market crypto ETF to hit Wall Street. It would also be the first US ETF to hold altcoins other than Ethereum.
This postponement comes amid high expectations in the cryptosphere, especially after the SEC approved the launch of spot BTC ETFs earlier this year and Ethereum products less than six months later. The crypto industry anticipates more crypto ETFs, including Solana and XRP, to bag SEC approval.
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