SEC Delays Bitcoin (BTC) Spot ETF Approval Decisions Until October in the United States
The U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding the approval of spot-based Bitcoin (BTC) exchange-traded funds (ETFs) until October
In recent regulatory filings, the U.S. Securities and Exchange Commission (SEC) has announced an extension of the decision timeline for approving or denying multiple applications for Bitcoin (BTC) exchange-traded funds (ETFs). Prominent financial firms such as Invesco, WisdomTree, and Valkyrie are among the entities awaiting the SEC's decision, which has now been postponed from August to October.
A Bitcoin ETF would offer investors a means to gain exposure to the cryptocurrency asset through brokerage services, similar to traditional precious metals like gold and silver.
The decision delay comes as no surprise to Bloomberg ETF analyst James Seyffart, who remarked that it would have been unexpected if the SEC had reached a decision this week. He pointed out that the middle of October, particularly October 16th, would be significant dates to monitor in this context. Seyffart and fellow Bloomberg ETF analyst Eric Balchunas had previously suggested a 75% likelihood of a spot market Bitcoin ETF approval by the end of 2023 and a 95% likelihood by the end of 2024.
Despite the delay, former SEC Chairman Jay Clayton expressed the view that the approval of BTC ETFs is "inevitable," as Bitcoin does not meet the criteria of a security, and the SEC's concerns regarding investor protection have been addressed by financial institutions.
At the time of writing, Bitcoin is trading at $25,627, reflecting a 2.54% decrease in the past 24 hours.
Sep 03, 2023