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The US Securities and Exchange Commission (SEC) has again delayed the deadline to approve or reject bitcoin exchange-traded fund (ETF) applications made by Blackrock and several other fund managers.
bitcoin Spot ETF Approval Faces More Delays
According to separate filings made on September 28, the SEC has delayed a decision on proposals made by Invesco, Bit by bit, valkyrieand Black Rock. The delay notice was announced earlier than expected and the SEC had until mid-October before having to approve or delay the applications.
NEW: SEC delays BlackRock, Valkyrie and Bitwise announcement bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF application decisions.
It is also expected to delay applications from WisdomTree, Vaneck and Fidelity. pic.twitter.com/HXx7RSWobu
– bitcoin Archive (@BTC_Archive) September 29, 2023
Of the seven proposals awaiting a decision in October, Fidelity, VanEck and WidsomTree have yet to hear from the commission. But yesterday’s decision suggests those applications may also be delayed.
The recent batch of delay notices follows the extension of the deadline for approval of similar applications by Ark 21 Shares and Global Global X has been moved to November 23. this year, with the possibility of a new extension.
While the new deadline has not been explicitly stated for Invesco, Bitwise, Valkyrie and Blackrock, it could be set around mid-January, which is also not definitive. If the SEC deems it appropriate, it can also delay the date until mid-March, when it must give its final decision.
The delays and timing of notifications could be attributed in part to the impending government shutdown, which is expected to begin on October 1. Testifying before Congress on Wednesday, SEC Chairman Gary Gensler said the shutdown would slow the agency’s ability to handle business since it would reduce the available workforce by about 90%.
Increasing pressure
Pressure on the SEC to approve bitcoin spot ETFs intensified after Grayscale Investments won a historic court victory over the SEC, when a judge called out the regulator’s decision to approve bitcoin futures ETS, but not ETFs. of bitcoin spot, as “arbitrary and capricious.”
Four members of the House Financial Services Committee also this week urged the agency to “immediately” approve the listing of spot bitcoin ETFs.
bipartisan letter from @USRepMikeFlood @RepWileyNickel @GOPMajorityWhip and @RitchieTorres to SEC Chairman Gensler on non-approval of a bitcoin spot ETF: “there is no reason to continue rejecting such applications under inconsistent and discriminatory standards.” https://t.co/6x5XaUsUqT
—Ron Hammond (@RonwHammond) September 26, 2023
A bipartisan letter signed by U.S. Representatives Tom Emmer, Ritchie Torres, Mike Flood and Wiley Nickel urged the SEC to stop “discriminating against spot bitcoin exchange-traded products.”
“A regulated spot bitcoin ETP would increase investor protection by making access to bitcoin more secure and transparent,” he said. “Congress must ensure that the SEC approves investment products that meet the requirements established by Congress.”
Despite mounting pressure to approve, the SEC said regulators had yet to decide what to do about spot bitcoin ETFs.
“It is still an active consideration of the commission,” Chairman Gary Gensler said in his testimony. “We have great respect for the courts.”
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