SEC Delays Bitcoin ETF Decisions, Including BlackRock’s Application
The U.S. Securities and Exchange Commission (SEC) has announced delays in its decisions regarding Bitcoin exchange-traded fund (ETF) applications from six companies. The regulatory body has stated that it needs at least 45 more days to review these applications, pushing the deadline to mid-October. Similar rumors are circulating about a potential postponement for BlackRock’s Bitcoin ETF application.
Main breakdowns:
- The SEC routinely delays decisions on Bitcoin ETF applications for further consideration.
- These delays are part of the SEC’s process and allow for additional time to review applications and related issues.
- Rumors suggest that BlackRock’s Bitcoin ETF application may also face a delay.
- Industry analysts speculate that Bitcoin ETF approvals may occur by the end of 2023 or in 2024.
- SEC Chair Gary Gensler has faced criticism for his aggressive approach to cryptocurrencies.
SEC Chair Gary Gensler’s approach to cryptocurrencies has been criticized for being overly aggressive. Republican Rep. Patrick McHenry has expressed concerns about Gensler’s approach to digital assets. Gensler is scheduled to testify before Congress twice in September to address these concerns. The SEC has not yet allowed any Bitcoin ETFs to come to market, and these delays reflect the regulator’s cautious approach. With multiple companies awaiting a decision, the coming months will be crucial for the future of Bitcoin ETFs.
Hot Take:
The delays in the SEC’s decisions on Bitcoin ETF applications highlight the cautious approach the regulator is taking towards cryptocurrency. While it is frustrating for companies awaiting approval, these delays serve to ensure a thorough examination of the proposals and related issues. The criticism faced by SEC Chair Gary Gensler further highlights the ongoing debate surrounding the regulation of cryptocurrencies. As the future of Bitcoin ETFs remains uncertain, the industry and investors will need to closely monitor the SEC’s decisions in the coming months.
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