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The idea of a bitcoin ETF (from these two guys, no less) has been around for as long as Gary Gensler has wanted to be chair of the Securities and Exchange Commission. Since then, Gensler has both become something of a cryptocurrency expert and achieved that dream as part of an administration arguably likely to be a tad less schizophrenic on matters than the last one. What’s more, the world’s premier fake currency has gotten a lot more real, at least insofar as something’s reality can be measured by institutional support, and the Canadians—in fairness, generally earlier adopters of ETF innovations than we are south of the still-closed border—have signed off. Surely, then, the stars are aligned, and the time has finally come for a good old-fashioned American bitcoin ETF, paving the way for a Tesla-branded Dogecoin ETF and maybe even a Kodakcoin one.

On Wednesday, the Securities and Exchange Commission delayed a decision on a Bitcoin E.T.F. proposal from the investment manager VanEck, saying it needs more time but offering no other explanation…. The S.E.C. gave itself until mid-June, with the option to take more time, but it must decide before year’s end. The regulator has rejected every proposal to date….

In fairness, Gensler does have some arguably more pressing matters on his hands. And, fear not, for as ever, hope springs eternal among the imaginary cash crowd, no matter how bad the news.

Delay is not denial, and it may be a good sign, Todd Cipperman, the founder of the compliance services firm CCS, told the DealBook newsletter. When considering the concept of a crypto E.T.F. in 2018, the S.E.C. raised questions about investor protection issues and put a “wet blanket on the whole idea,” he said.

The S.E.C. delays a long-awaited decision on whether to allow a Bitcoin fund. [NYT]

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