The Securities and Exchange Commission (SEC) has delayed its decision on whether to approve a slew of Bitcoin spot ETF applications for another 45 days. This decision was expected by analysts, and the SEC stated that it needs more time to consider the proposed rule change and the issues raised therein. The decisions for proposed ETFs from Blackrock, Invesco, WisdomTree, Valkyrie, Bitwise, VanEck, and Fidelity have all been postponed.Bloomberg ETF analysts James Seyffart and Eric Balcunas predicted the delays ahead of time in a note on Wednesday. They stated that a simultaneous approval for all applicants was “highly unlikely so soon after the court decision.” This is in reference to the SEC’s recent defeat in its lawsuit with Grayscale, where the court ruled that the agency’s justifications for approving Bitcoin futures ETFs while continuing to deny spot ETFs were “unreasonable” and “inadequate.”Earlier this month, the SEC pushed forward its decision on whether to approve the ARK/21Shares Bitcoin ETF, requesting public comment on whether CME Bitcoin futures market would be well suited to it for a market surveillance agreement. It also asked whether crypto exchange Coinbase might help with “detecting, investigating, and deterring fraud and manipulation,” in the Bitcoin spot market. Coinbase has been selected by BlackRock and other applicants as a new surveillance partner of choice, but the firm is currently being sued by the SEC.The next deadline for BlackRock’s ETF approval or denial is on October 17. The SEC may choose to repeatedly forward the deadline, potentially until March 2024.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Eric Balcunas, James Seyffart, Fidelity, VanEck, Grayscale |
| Companies | Bitwise, Valkyrie, Grayscale, WisdomTree, CME, Fidelity, Coinbase, VanEck, BlackRock, Invesco, Securities and Exchange Commission (SEC) |
| Currencies | Ethereum, Coinbase Wrapped Staked ETH, Bitcoin, US Dollar |
| Securities | None |
