SEC Defers Ruling on Seven Bitcoin ETF Proposals Until October

The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision-making process for seven spot Bitcoin ETF proposals.

The regulatory body is currently navigating through a multitude of new applications. The decision deadlines for a range of funds, including BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, and Invesco Galaxy Bitcoin ETF, have been extended to October 17. The Valkyrie Bitcoin Fund has a new deadline of October 19, and the Bitwise Bitcoin ETP Trust will have its decision deferred until October 16.

The SEC cited the need for additional time to thoroughly review the proposed rule changes and address any concerns. The agency specifically mentioned that the WisdomTree proposal would require more time for consideration. The SEC has not yet approved any spot Bitcoin ETFs due to potential fraud and market manipulation concerns.

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The SEC had previously acknowledged in July that it had received applications for these funds. The delays were widely anticipated by market analysts, who speculate that the SEC may wait to issue decisions on all the proposed funds at once.

In a related development, the SEC extended the decision timeline for a similar fund proposed by ARK Invest and 21Shares by requesting new written comments, adding at least another month to the process.

This delay follows a recent court ruling in favor of Grayscale Investments in its ongoing lawsuit against the SEC over a spot Bitcoin fund. While this doesn’t guarantee immediate approval for a spot Bitcoin ETF, it does indicate that the SEC will have to re-examine Grayscale’s proposal, potentially setting the stage for future approvals.

Also middle of October is when a dozen Ether Futures scheduled to launch. Should be an interesting Fall!

— Eric Balchunas (@EricBalchunas) August 31, 2023

Featured Image Credit: Midjourney

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• Source: https://www.cryptoglobe.com/latest/2023/09/u-s-sec-puts-seven-spot-bitcoin-etf-decisions-on-hold-until-october/