SEC Delays Spot Bitcoin ETF Decision for 7 Major Applicants
The U.S. Securities and Exchange Commission (SEC) has decided to postpone its decision on seven spot bitcoin ETFs in order to have more time to review the proposed rule amendments. The SEC wants to carefully examine the proposals and address any concerns before making a decision.
Main breakdowns:
- The SEC is delaying the decision on seven spot bitcoin ETFs.
- The delay is to allow for a thorough review of the proposed rule amendments.
- The decision for the filings from Wisdomtree, Valkyrie, Bitwise, Fidelity’s Wise Origin, Vaneck, Blackrock, and Invesco Galaxy will be extended until mid to late October.
- The Wisdomtree delay notification states that the SEC needs more time to consider the proposed rule change.
- Grayscale’s recent legal victory and expert estimates suggest a 75% chance of spot bitcoin ETF approval in 2023.
The delay comes after Blackrock’s attempt to secure approval for a spot bitcoin ETF in 2023. Other firms followed suit, hoping to gain approval as well. While the SEC has approved bitcoin futures ETFs, it has not yet approved any spot bitcoin funds in the United States. Despite the delays, experts still believe there is a 75% chance of approval.
Hot Take
The SEC’s decision to delay the spot bitcoin ETFs shows their cautious approach to regulating the cryptocurrency market. While it may be frustrating for applicants, it indicates that the SEC is taking the time to thoroughly review the proposals and address any concerns. The potential approval of spot bitcoin ETFs in 2023 could have a significant impact on the crypto market, providing more accessibility and legitimacy to investors.
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