SEC Delays Ruling on Hashdex Bitcoin and Ethereum ETF

The approval decision for the Hashdex Nasdaq Crypto Index US ETF, an exchange-traded fund (ETF) that plans to include both Bitcoin and Ethereum, has been delayed by the United States Securities and Exchange Commission (SEC). The SEC has extended the initial 45-day review period for the Hashdex ETF proposal, setting a new deadline of September 30 for a decision on whether to approve, disapprove, or initiate proceedings regarding the proposed rule change.

Nasdaq submitted the proposal for the ETF on June 17, seeking permission to list and trade shares of the Hashdex Nasdaq Crypto Index US ETF on its exchange. If approved, investors would be able to trade shares of this ETF, which is structured to mirror the value of the two leading cryptocurrencies.

“The Commission finds it appropriate to designate a longer period to consider the proposed rule change and the issues raised therein,” stated the SEC regarding the delay.

This delay comes at a time of heightened anticipation in the cryptocurrency market, following the approval of Bitcoin ETFs earlier this year and Ethereum ETFs shortly after by the SEC. Nasdaq’s registration statement with the SEC in June confirmed its intention to hold both Bitcoin and Ethereum, the largest cryptocurrencies by market capitalization.

Decrypt’s attempts to reach the SEC for comment on the delay did not yield an immediate response.

In the cryptocurrency realm, the Hashdex ETF proposal delay adds to the ongoing speculation surrounding regulatory decisions and their impact on the market. The postponement aligns with the broader trend of regulatory scrutiny and evolving frameworks for cryptocurrency investments.

This delay underscores the intricate regulatory landscape that cryptocurrency ETFs navigate, as regulatory bodies like the SEC continue to evaluate and deliberate on proposals that could significantly shape the accessibility and investment avenues for cryptocurrencies.