The SEC Delays Ruling on Bitcoin ETF Applications
The United States Securities and Exchange Commission (SEC) has announced that it will be postponing its ruling on six spot Bitcoin exchange-traded fund (ETF) applications. The applications were submitted by WisdomTree, Invesco Galaxy, Valkyrie, VanEck, Fidelity, and BlackRock. The SEC stated that it will need another 45 days to consider the proposed rule changes, meaning that a decision will be made by October 2023.
Key Points:
- The SEC has delayed its decision on six Bitcoin ETF applications for another 45 days.
- The postponed ruling follows reports suggesting that the SEC might consider applications with surveillance-sharing agreements, prompting firms to resubmit their applications.
- Bloomberg analysts Eric Balchunas and James Seyffart speculate that a spot Bitcoin ETF might be approved in the US following a recent court ruling favoring Grayscale’s appeal.
- Bitwise’s Bitcoin investment product is not included in this determination and is expected to receive an update by September 1.
- News on Bitcoin ETF applications has caused market volatility, with increased trading volume and significant BTC withdrawals from exchanges.
Hot Take: The SEC’s delay in ruling on Bitcoin ETF applications indicates the growing interest and uncertainty surrounding cryptocurrency regulation in the United States. The potential approval of a Bitcoin ETF could have significant implications for the crypto market and institutional adoption. Investors and crypto enthusiasts will eagerly await the SEC’s decision in October 2023.
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