US SEC Delays Decisions on ETF Applications
The U.S. Securities and Exchange Commission (SEC) revealed that it will postpone making decisions on various Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF) applications until next year. The SEC is extending its decision-making process on applications submitted by Hashdex and Grayscale to create mixed spot and futures Ethereum ETFs and convert a Bitcoin futures ETF into a spot market, as well as Grayscale’s bid for an ETH futures ETF.
The SEC issued a statement citing the need for additional time to review the proposed changes, extending the original deadline from November 17th to January 1st, 2024. These applications were all initially filed on October 3rd, 2023. BlackRock, a major investment firm, also recently filed an application with the SEC to establish a spot market Ethereum ETF.
Hot Take
The U.S. SEC’s decision to delay the approval of various Bitcoin (BTC) and Ethereum (ETH) ETF applications until next year is a sign of the cautious approach regulators are taking towards cryptocurrency. This delay indicates the need for thorough review and consideration of the proposed ETFs’ potential impact on the market before moving forward with any approvals.
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