SEC Delays Templeton And Hashdex Bitcoin Spot ETF
The Securities and Exchange Commission (SEC) has decided to delay its decision on Templeton and Hashdex’s Spot Bitcoin ETF applications. The SEC has expressed concerns about fraud and manipulation in the crypto market and is seeking input on whether surveillance agreements can address these issues.
Despite the SEC’s delay, the crypto market remains unaffected as Bitcoin continues to surge past $38,000. This is surprising considering that the recent market momentum has been largely attributed to the potential approval of a Spot Bitcoin ETF.
Investors seem confident that approval is imminent, as institutional money continues to flow into the crypto market. CoinShare’s latest report reveals that the market saw its largest weekly inflow since late 2021.
Speculations on Approval and Future Actions
The SEC’s decision to delay the applications, even though a decision wasn’t due until January 1, 2024, has led to speculations about what this means for potential approval.
Bloomberg analyst James Seyffart believes that the SEC’s actions could be setting the stage for a “full wave of approvals” in early January. He previously predicted a 90% likelihood of approval in January 2024.
Scott Johnsson, an attorney from Davis Polk, shares similar sentiments and suggests that the SEC may have delayed the applications to ensure that the comment period ends before January 10, 2024. This would allow them to approve all applications simultaneously.
Hot Take: Is Approval on the Horizon?
The SEC’s decision to delay the Templeton and Hashdex Spot Bitcoin ETF applications hasn’t stopped Bitcoin from reaching new heights. Despite concerns about fraud and manipulation, investors remain optimistic about approval. The influx of institutional money into the crypto market suggests that investors are confident in the future of cryptocurrencies.
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