The Securities and Exchange Commission (SEC) has punted on two more spot bitcoin exchange-traded fund (ETF) proposals, this time from issuers WisdomTree and One River.
WisdomTree received a rejection for its filing in December but has since resubmitted. The firm submitted the new proposal in February, making the 45th day after publication to the federal register – the first deadline for an SEC decision – comes on March 31. This order designates an additional 45 days to consider the new proposal, moving the deadline to 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.
One River, the digital asset fund backed by billionaire investor Alan Howard, filed for its One River Carbon Neutral Bitcoin Trust in May of 2021. The product would hold bitcoin and value its shares with an additional adjustment for the expense of offsetting carbon credits. The proposed rule change was published to the federal register for comment in October, putting the SEC on the clock.
Like other spot bitcoin products, the SEC has kicked the can on the decision multiple times. The Commission was slated to finally issue a decision on April 3, 180 days after the October 5 publication, but the order designates an additional 60 days for a June 2 decision.
"The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the comments that have been submitted in connection therewith," said the order.