The Securities and Exchange Commission (SEC) has extended its review and broadcast its decision on VanEck’s Bitcoin ETF once again.

The regulator said yesterday in Extension noticethat it will now provide an answer on whether or not to approve the Bitcoin ETF on November 14th.

New York-based asset manager VanEck’s has been waiting for a yes or no from the SEC about implementing an ETF since December 2020.

VanEck made an amendment to the application in March and since then the SEC has delayed giving an answer.

Wednesday’s notice said the commission would extend the time period for approval or refusal to change the rule by an additional 60 days.

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As is well known, the Bitcoin ETF is an investment tool that allows investors to buy shares that represent the largest cryptocurrency by market capitalization.

Other ETFs such as gold, real estate or foreign exchange are very popular in the USA.

But the SEC has repeatedly said no to bitcoin and crypto ETFs.

The authority justifies its refusal by saying it is concerned about price manipulation in the cryptocurrency market.

Despite this, there is a hunger for Bitcoin ETFs and other cryptocurrency ETFs.

This is because it allows investors to invest in cryptocurrencies without having to worry about actually buying the cryptocurrency and storing it securely which is something old that may have worried tech-savvy investors.

VanEck is one of 13 companies awaiting a response from the SEC for approval.

Among the other companies that applied for approval from the SEC, we find:

One River Asset Management, Valkyrie Investments, Ark Invest, Skybridge Capital.

Bitcoin and Ethereum ETFs have had huge success in Canada as they broke records by the amount of shares traded in the first few days of trading.

Since then, interest in these products has subsided.

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Currently, the trading volume of these shares has decreased to about $843,000 over the past five days, according to data from the Toronto Stock Exchange.

Presumably, the SEC might feel more comfortable approving a bitcoin futures ETF as these contracts are traded on regulated markets, such as the Chicago Mercantile Exchange (CME).

However, some Bitcoin ETF proponents argue that ETF futures will be relatively inefficient and less desirable because, unlike spot-based products, they are less liquid and more expensive for both issuers and investors.

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