SEC Delays Decision on Groundbreaking Bitcoin and Ethereum ETF – What’s Next?

SEC Postpones Decision on Hashdex ETF

The United States Securities and Exchange Commission (SEC) has announced a delay in its decision regarding the Hashdex Nasdaq Crypto Index US ETF, a proposed exchange-traded fund (ETF) intended to hold both Bitcoin and Ethereum. This decision comes as part of an extended review process initiated by the SEC.

On Friday, the SEC released a filing indicating that it would extend the initial 45-day review period for the Hashdex ETF proposal, setting a new deadline of September 30 for either approval, disapproval, or further proceedings.

Nasdaq's Proposal

The proposal was submitted by Nasdaq on June 17, seeking permission to list and trade shares of the Hashdex Nasdaq Crypto Index US ETF on its exchange. If approved, this ETF would allow investors to buy and sell shares that track the value of the two leading cryptocurrencies, Bitcoin and Ethereum.

Market Context

This postponement occurs amid increasing anticipation in the cryptocurrency market, particularly following the SEC’s recent approvals of Bitcoin ETFs and Ethereum ETFs earlier this year. The company had previously filed a registration statement with the SEC, confirming its intention to hold both Bitcoin and Ethereum, the largest cryptocurrencies by market capitalization.

"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 raised therein,” stated the SEC.

Awaiting SEC Response

Decrypt reached out to the SEC for comments regarding the delay but did not receive an immediate response. As the market watches closely, the implications of this decision could shape the future of cryptocurrency investments in the U.S.

Edited by Andrew Hayward