It has been just revealed the fact that the SEC just delayed more decisions for firms, including Fidelity and BlackRock. Check out the latest reports about this below.
The SEC postpones decisions on BTC ETF proposals
The Securities and Exchange Commission announced on Thursday that it will be postponing its decisions on seven proposals for spot Bitcoin ETFs.
This is due to the influx of recent applications that the agency needs to review.
The deadline for decision-making on BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust, the VanEck Bitcoin Trust, the WisdomTree Bitcoin Trust, and the Invesco Galaxy Bitcoin ETF will be extended until October 17th, while the Valkyrie Bitcoin Fund’s deadline has been moved to October 19th.
The Bitwise Bitcoin ETP Trust’s decision deadline was also delayed until October 16th.
The agency stated that it needs more time to consider the proposed rule change and the issues raised therein, referring to the proposed WisdomTree fund.
The SEC has yet to approve of a spot Bitcoin ETF, as it has concerns over fraud and manipulation. However, the first Bitcoin futures ETF was allowed to trade in 2021.
Bitcoin’s price has taken a 5.1% dip in the past 24 hours, according to CoinGecko. This has been attributed to delays in proposed funds, which have been pending SEC approval since July.
The SEC’s decision to hold off on ruling until all proposed funds have been reviewed has resulted in further setbacks.
Even similar funds proposed by ARK Invest and 21Shares have been delayed for at least another month due to new written comments requested by the SEC.
Grayscale’s win is addressed
Recently, the cryptocurrency industry experienced delays despite celebrating a victory. Grayscale Investments won its ongoing lawsuit against the SEC regarding a spot bitcoin fund.
Grayscale aims to transform its GBTC fund into an ETF, but the SEC initially rejected their request last year.
While this decision does not guarantee the immediate approval of a spot bitcoin ETF, it does require the SEC to re-evaluate Grayscale’s proposal.
Experts predict that this ruling increases the chances of spot bitcoin ETFs avoiding disapproval from the SEC.
