The U.S. Securities and Exchange Commission (SEC) has delayed the announcement of results for seven leading applicants who want to launch a publicly traded Bitcoin fund (ETF) in the U.S. In seven separate applications, the SEC stated that it needs additional time to review the proposed rule change for the approval of Bitcoin spot ETFs. Several applicants are affected by this delay, including the world’s largest asset manager BlackRock. It also affects VanEck, WiseOrigin, Invesco Galaxy, WisdomTree, Bitwise and Valkyrie Digital Assets. The Commission believes it is appropriate to set a longer period of time to allow it to review the proposed rule change and the questions raised therein. Although the proposed rule change was published for public comment on July 19, the SEC has kept the 45-day response period. As a result of the delay, the SEC has postponed the decision date for five applications to October 17. Interestingly, two of the applicants have different deadlines – one a day earlier and the other a day later. The deadline for Bitwise is October 17, while the deadline for Valkyrie Digital Assets is October 19. Despite the different dates, the wording in all applications is similar. The delay came just two days after the successful appeal of Grayscale Investments against a decision of the SEC originally rejecting the approval of its Bitcoin spot ETF. The United States Court of Appeals for the D.C. Circuit declared the SEC’s rejection decision invalid and ordered a re-evaluation of Grayscale’s application. The success of Grayscale prompted two Bloomberg analysts to express increased certainty regarding the introduction of Bitcoin spot ETFs in 2023. They raised their probability estimate for this year to 75%. Recently, the SEC also set back the joint Bitcoin ETF of Ark Invest and 21 Shares, the Ark 21Shares Bitcoin ETF, with another setback. On August 11, the product received its third delay in terms of a decision by the SEC. After the initial rejection in 2021, the product was rejected again at the beginning of this year.
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 | WisdomTree, WiseOrigin, Invesco Galaxy, VanEck, BlackRock |
| Companies | Bitwise, Ark Invest, 21 Shares., Grayscale Investments, SEC, WisdomTree, United States Court of Appeals for the D.C. Circuit, Valkyrie Digital Assets, WiseOrigin, Invesco Galaxy, Bloomberg, VanEck, BlackRock |
| Currencies | Ethereum, Bitcoin |
| Securities | WisdomTree, WiseOrigin, Invesco Galaxy, VanEck, BlackRock |
