United States SEC Delays Decisions on ETF Applications
The United States Securities and Exchange Commission (SEC) revealed that it will postpone making decisions on numerous 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 (ETH) ETFs and transform a Bitcoin (BTC) futures ETF into a spot market, as well as Grayscale’s bid for an Ethereum (ETH) futures ETF.
The SEC announced 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 at the beginning filed on October 3rd, 2023. BlackRock, a major investment firm, likewise recently filed an app with the SEC to establish a spot market Ethereum (ETH) ETF.
Hot Take
The United States SEC’s decision to delay the approval of numerous Bitcoin (BTC) and Ethereum (ETH) ETF applications until next year is a sign of the cautious approach regulators are taking towards digital currency. This delay indicates the need for thorough review and consideration of the proposed ETFs’ probable impact on the market before moving forward with any approvals.
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