SEC Requests Extension for Spot Bitcoin and Ethereum ETFs
The US Securities and Exchange Commission (SEC) has asked for more time to review spot Bitcoin and Ethereum Futures ETF applications, delaying their approval or rejection until 2024. The SEC filed for an extension on November 15, stating that it needed additional time to thoroughly assess the applications’ issues and make a decision.
Postponed Applications
As a result, Grayscale’s Ethereum Futures ETF application submitted in September and HashDex’s application to convert its Bitcoin Futures ETF into a spot fund have been postponed. Despite the growing demand for Bitcoin and Ethereum ETFs, the SEC continues to delay approvals, citing concerns about market manipulation, fraud, and investor risks.
Analyst Predictions
Bloomberg Senior Analyst James Seyffart believes there may be further delays in BTC and Ether ETF approvals by the SEC. However, he maintains that a 19b-4 approval on Spot Bitcoin ETFs will likely be processed by January 10, 2024. The next deadline dates for the Hashdex and Franklin Spot Bitcoin applications are January 1, 2024.
Hot Take: Bitcoin Price Surges Despite SEC Delays
Despite the SEC’s delay of Spot Bitcoin ETFs, the price of BTC has been steadily rising. According to TradingView, BTC has surged above $37,000 with weekly gains of 4.35%. This unexpected price increase has renewed optimism among BTC investors and the broader crypto community as they await updates on the US SEC’s decision on Spot Bitcoin ETFs.
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