A Bitcoin exchange-traded fund (ETF) set up by former Trump communications officer Anthony Scarammuci is set to wait even longer to arrive on the US market after regulators pushed back a review of the application.
In a filing overnight, the Securities and Exchange Commission (SEC) said its review period for the application of the First Trust SkyBridge Bitcoin ETF Trust, which was filed on May 6, has been extended to August 25 from the initial deadline of July 11.
The SEC said the extension will provide it with “sufficient time to consider the proposed rule change and the comments received”.
The SEC’s decision to extend its review period aligns with a strongly cautious attitude taken by the regulator towards crypto-related products.
Last month, the SEC warned investors to “weigh carefully the potential risks and benefits” of investing in funds with exposure to Bitcoin, warning that crypto investments are “highly speculative”.
In early trading in London on Thursday, Bitcoin was down 5.5% in the last 24 hours at US$32,888, giving it a market cap of US$616.7bn.