SEC Delays Decision on Hashdex Spot Bitcoin ETF

The SEC has announced that it requires more time to decide on allowing a Bitcoin futures ETF and an Ethereum futures ETF to convert into spot ETFs, according to filings made on Wednesday.

These decisions are in response to a proposal made in September by Hashdex to convert their NYSE-listed ETF into a spot product.

The SEC has designated a 45-day period, ending on Jan. 1, 2024, to make a decision on the matter.

This extended timeline will allow the SEC to thoroughly review the proposed changes and address any concerns.

Hashdex’s conversion proposal is unique as it involves a combination of Bitcoin Futures Contracts, Spot Bitcoin, and cash to mitigate the risks of market manipulation.

Other major companies like Fidelity and BlackRock are also seeking approval to launch their own spot Bitcoin ETFs.