The U.S. Securities and Exchange Commission (SEC) has extended the schedule for approval of Bitcoin and Ethereum exchange-traded funds (ETFs). Applicants for these ETFs are currently awaiting a final decision, expected in 2024.
SEC’s deferred review process extends until 2024
The SEC has postponed the approval process for spot Bitcoin and Ethereum futures ETFs. On November 15, the committee applied for an extension, saying it needed more time to thoroughly review the application and related issues. “The Commission has determined that it is appropriate to specify a longer period for taking action on the proposed rule change to allow sufficient time to consider the proposed rule change and the issues raised by it,” the SEC said in the filing. .
Recently, the SEC postponed a decision on Grayscale’s Ethereum Futures ETF application filed in September. The committee also postponed the conversion of HashDex’s Bitcoin futures ETF to a spot fund.
Despite the growing demand and optimistic outlook for Bitcoin and Ethereum ETFs in the cryptocurrency market, the SEC is delaying approval, citing concerns about market manipulation, fraud, and investor protection, slowing down the process. Bloomberg senior analyst James Seyffart predicts the SEC will place more holds on BTC and Ether ETFs, but argues that the delay will not affect his belief that a Spot Bitcoin ETF will be approved by January 10, 2024. I did.
Seyffart said:
“We are nearing decision dates on three spot Bitcoin ETF applications. The SEC’s order will likely be delayed. “However, this delay will not change our view, and there is a 90% chance of 19b-4 approval by January 10, 2024.”
Hashdex and Franklin Spot Bitcoin application deadline is January 1, 2024. Ten of the 12 pending Spot BTC ETF applications have a January 2024 deadline, but the SEC could extend this period until March 2024 at the latest. All decision ETF applications for Spot BTC are expected by May 2024.
Bitcoin price rose past $37,000 despite SEC delay.
BTC price is rising despite SEC’s delay in approving Spot Bitcoin ETF. TradingView reported that BTC surpassed $37,000 with a weekly gain of 4.35%. Currently trading at $37,112.68, BTC’s market cap for the day is up 2.25% as shown on CoinMarketCap. This rise in BTC price, showing a bullish trend, has reignited optimism among investors and the cryptocurrency community. They eagerly await further updates on the SEC’s decision regarding spot Bitcoin ETFs.
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