SEC Expected to Delay Decision on Spot Bitcoin ETFs
Bloomberg analyst James Seyffarth predicts that the SEC will once again delay the decision on spot Bitcoin (BTC) ETFs. He believes that the next deadline for Hashdex and Franklin on Nov. 17, as well as the Global X ETF on Nov. 21, will be delayed. Despite this, Seyffart still maintains a 90% chance of spot BTC ETFs being approved before Jan. 10, 2024.
The U.S. Securities and Exchange Commission (SEC) faces a deadline this week to approve Bitcoin spot ETFs. If all 12 applications for spot ETF creation are not approved before the deadline, subsequent applications will enter the public comment period. Market analysts anticipate that if this happens, approval may not occur until early January 2024.
The next critical deadline after this would be Jan. 10, 2024, when the SEC must decide on the final deadline for filing an application for a spot Bitcoin ETF from Ark Invest.
Hot Take: Uncertainty Looms Over Spot Bitcoin ETF Approval
The delay in the SEC’s decision on spot Bitcoin ETFs has created uncertainty in the market, with analysts closely monitoring upcoming deadlines. The potential delay in approval until early January 2024 could impact market dynamics and investor sentiment as anticipation builds for a final decision. As the cryptocurrency landscape continues to evolve, regulatory decisions play a crucial role in shaping its future trajectory. Therefore, stakeholders are eagerly awaiting further developments regarding spot Bitcoin ETF approvals and their potential implications for the crypto market.
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