The approval of a bitcoin ETF could take a lot longer than some might have hoped for.

Takeways:

Several bitcoin ETF applications are currently under review by the SEC, but Chairman Gary Gensler has expressed caution.

"There are many challenges and gaps for investor protection in [crypto] markets," Gensler told Congress last week.

Investors and fund managers are longing for the Securities and Exchange Commission's approval of a bitcoin ETF, but recent comments from Chairman Gary Gensler suggest they best not hold their breath.

Bitcoin ETF applications have been under review by the SEC for months, but regulatory scrutiny remains as the applications await a final decision.

Gensler told Congress last week that "there are many challenges and gaps for investor protection in [crypto] markets," adding that "none of the exchanges trading crypto tokens has registered yet as an exchange with the SEC."

His comments suggest that the SEC wants to have more regulatory oversight of cryptocurrencies before it approves a slew of bitcoin etf applications. Current bitcoin ETF applicants awaiting approval from the SEC include Fidelity, WisdomTree, and VanEck, among others.

VanEck's bitcoin ETF filing was supposed to receive a decision from the SEC on April 28, but hours before the deadline, the agency delayed the decision to June at the earliest.

Crypto Enthusiast and Investor. I give regular market updates, trends and news regarding cryptocurrency. I use a variety of sources for my content.