The SEC Delays Approval for Bitcoin Spot ETFs
The US Securities and Exchange Commission (SEC) has once again postponed the approval for a group of Bitcoin spot exchange-traded fund (ETF) applications. This includes GlobalX’s ETF application and the Ark/21Shares ETF application.
The SEC stated in a filing that it has designated January 10, 2024, as the final deadline for approving or disapproving Ark’s application. This comes after previous delays in August and a series of delays for rival firms’ applications due in early September.
Congressmen Demand Fair Treatment for Spot Bitcoin ETFs
A group of congressmen who support cryptocurrencies, including Tom Emmer and Ritchie Torres, sent a letter to SEC Chair Gary Gensler urging him to stop discriminating against spot Bitcoin exchange-traded products. The letter was sent shortly before the latest delay in ETF approvals.
Grayscale Lawsuit Victory Increases Speculation
Last month, Grayscale won a lawsuit against the SEC arguing that the agency’s denial of its spot Bitcoin ETF while approving futures ETFs was arbitrary. Investors are now eagerly waiting to see if the SEC will approve a spot ETF or appeal the court’s decision.
Pessimism Surrounding Year-End Approvals
Bloomberg ETF analyst James Seyffart believes that Tuesday’s delays have dashed hopes of a spot Bitcoin ETF being approved by the end of the year. He expects further delays on other filings and suggests that the SEC is preparing for a potential government shutdown.
Bitwise Files Amendment Against SEC’s Denial
Bitwise, another contender in the Bitcoin ETF race, filed an amendment to its application featuring new arguments against the SEC’s case for denying spot ETFs.
Hot Take: SEC Continues to Stall Bitcoin Spot ETF Approvals
The US SEC has once again delayed the approval of several Bitcoin spot ETF applications, pushing the decision deadline to January 10, 2024. This latest delay follows a letter from congressmen demanding fair treatment for spot Bitcoin ETFs and Grayscale’s recent lawsuit victory against the SEC. Analysts believe that the delays have diminished the chances of a spot ETF being approved by the end of the year. As investors eagerly await further developments, Bitwise has filed an amendment challenging the SEC’s denial of spot ETFs. The future of Bitcoin spot ETFs remains uncertain as regulatory hurdles persist.
By
By
By
By