7 Spot Bitcoin ETFs Face Extended Wait as SEC Seeks Deeper Analysis

The U.S. Securities and Exchange Commission (SEC) has deferred decisions connected 7 spot bitcoin exchange-traded money (ETF) applications from Invesco Galaxy, Wisdomtree, Bitwise, Vaneck, Fidelity’s Wise Origin, Blackrock, and Valkyrie. In statements released connected Thursday, the SEC underlined the necessity for a much extended timeframe to thoroughly measure the submitted propositions.

SEC Delays Spot Bitcoin ETF Decision for 7 Major Applicants

On August 31, the U.S. securities overseer resolved to postpone its verdict successful bid to allocate a lengthier play for scrutinizing the projected regularisation amendments for 7 chiseled spot bitcoin ETFs.

The regulator elaborated that this measurement ensures ample clip for the SEC to meticulously analyse the connection and code immoderate worries raised.

Decisions for the postulation of filings originating from Wisdomtree, Valkyrie, Bitwise, Fidelity’s Wise Origin, Vaneck, Blackrock, and Invesco Galaxy volition beryllium extended until mid to precocious October. Unfortunately, the Bitwise filing hosted connected the SEC web portal leads to a 404 website error.

“The [SEC] deems it suitable to designate an extended duration wrong which to enactment connected the projected regularisation alteration truthful that it has capable clip to contemplate the projected regularisation alteration and the matters raised therein,” the Wisdomtree hold notification elucidates.

This deferment comes connected the heels of Grayscale’s recent ineligible triumph and Bloomberg ETF specialists Eric Balchunas and James Seyffart estimating a 75% possibility of spot bitcoin ETF authorization successful 2023. The U.S. regulator started reviewing the applications implicit the past month.

Blackrock was the first to roll the dice successful 2023 to effort and unafraid support for a spot bitcoin ETF pursuing galore rejections by the U.S. securities watchdog successful anterior instances implicit the years. Subsequent to Blackrock’s initiative, respective different firms pursued akin aspirations successful hopes of gaining support arsenic well.

While the SEC has authorized bitcoin (BTC)-based futures ETFs, it has not yet approved immoderate spot bitcoin funds wrong the United States. Balchunas said connected Thursday, that contempt the delays, the chances of support are inactive astatine 75%.

What bash you deliberation astir the SEC delaying 7 spot bitcoin ETFs connected Thursday? Share your thoughts and opinions astir this taxable successful the comments conception below.