SEC Delays Response to Bitcoin ETF Applications
The United States Securities and Exchange Commission (SEC) has once again delayed its response to spot bitcoin ETF listing applications for Ark/21 Shares and Global X. This decision comes as Congress is dealing with budget negotiations, and federal agencies are preparing for the possibility of a government shutdown.
SEC Extends Deadlines Again
The SEC has extended the deadlines for Ark/21 Shares and Global X’s spot bitcoin ETF applications. The applicants are left uncertain whether their applications will be approved or rejected. The original deadline for Global X’s application was October 7th, while Ark/21 Shares’ application was due on November 11th. However, the SEC has set January 10, 2024, as the final deadline for approving or disapproving Ark’s application.
SEC Discriminating Against Spot Bitcoin ETFs
A group of pro-crypto Congressmen has sent a letter to SEC Chair Gary Gensler, demanding an end to discrimination against spot bitcoin exchange-traded products. They argue that following a court decision, there is no reason to continue denying such applications under inconsistent standards. Grayscale’s recent victory in a lawsuit against the SEC has also raised expectations for the agency’s next move.
Delays Come Against Backdrop Of Looming Govt Shutdown
The delays in responding to the bitcoin ETF applications come at a time when a government shutdown is looming due to budget negotiations in Congress. The SEC has consistently rejected spot bitcoin ETF products, citing concerns about market manipulation and investor protections. However, the court ruling in favor of Grayscale has required the agency to reconsider its position.
Hot Take: Uncertainty Surrounding Bitcoin ETF Approvals Continues
The SEC’s decision to further delay its response to spot bitcoin ETF applications adds to the ongoing uncertainty surrounding their approval. While some Congressmen are pushing for an end to discrimination against these products, the SEC has cited concerns about market manipulation and investor protections. With a possible government shutdown on the horizon, the SEC’s decision has been pushed back, leaving applicants wondering about the fate of their applications. As the year comes to a close, it remains to be seen whether a spot bitcoin ETF will be approved or if further delays and appeals will prolong the process.
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