According to the latest publications, the Securities and Exchange Commission (SEC) of the United States has postponed the decision of a total of seven proposals for spot Bitcoin exchange-traded funds (ETFs).Â
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SEC Delays Decisions on ETFs
In accordance with the SEC filings dated Aug. 31, the regulatory body is currently delaying to reach the decision on applications for Bitcoin exchange-traded funds from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, Bitwise Asset Management, BlackRock, and Fidelity.
Timeline Extended till October
The agency has given itself an extended span of time to consider all of these applications. Following submission in the Federal Register, the SEC will have 45 days to evaluate the suggested policy adjustments, giving the regulator till October to accept, refuse, or delay the decision.
Loss in Grayscale Lawsuit
The fact that the SEC has not turned down the product and that the way the court resolved the Grayscale case exceeded expectations which has caused many researchers to express increased confidence in the product’s possible emergence for the first time.
Prominent ETF analysts at Bloomberg, James Seyffart and Eric Balchunas, recently updated their projections in light of Grayscale’s lawsuit victory. They had previously projected a 65% chance that a spot Bitcoin (BTC) ETF would debut this year. However, the most recent postponement has moved the new deadline to October 17.
Multiple Bitcoin ETF Applications Submitted with the SEC
Notably, investment asset management business WisdomTree submitted a Bitcoin ETF application to the SEC in June, nearly nine months after its last application had been turned down due to concerns regarding inadequate fraud and investor protections. The application was filed less than a week following BlackRock’s application.Â
BlackRock also submitted an application for a spot BTC ETF along with American cryptocurrency exchange Coinbase. Moreover, in June, Fidelity Investments officially sent in its proposal for the spot Bitcoin ETF. Its earlier application to the US SEC for a Bitcoin ETF was previously denied in the beginning of the year 2022.
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