He Securities and Exchange Commission (SEC) the latest decision was not enough to stop the bitcoin-rise-hinges-on-etf-approval-analyst/” rel=”nofollow”>The most important cryptocurrency, bitcoin.. The cryptocurrency crossed $38,000 even thanks to the SEC’s decision to delay two bitcoin spot ETFs.
SEC Delays Templeton and Hashdex bitcoin Spot ETF
On November 28, the SEC delayed its decision on bitcoin-etf/” rel=”nofollow”>templeton and bitcoin-spot-etf-unique-application/” rel=”nofollow”>Hashdex bitcoin ETF Spot App. As part of the announcement, the Commission also invited comment on what has been its main concern until now: the fraud and manipulation issue and whether existing surveillance arrangements can help stop it.
Despite this development, the cryptocurrency market seemed unfazed as bitcoin crossed $38,000 and altcoins also posted some gains. This would be a surprise to many, considering the latest push in the market has been bitcoin-rise-hinges-on-etf-approval-analyst/” rel=”nofollow”>mainly attributed to the possibility of a Timely approval of bitcoin ETF.
A plausible explanation could be the fact that investors are certain that approval is imminent, regardless of the actions of the Commission. This is evident in the fact that institutional money continues to flow into the cryptocurrency market. The latest CoinShare report showed that the cryptocurrency market, last week, saw its largest weekly entry since the end of 2021.
Meanwhile, the SEC’s latest delay is interesting, considering that a decision on both applications was not due until January 1, 2024. This has led to several speculations about whether this move still means approval is on the horizon.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/SEC-delays-fail-to-stop-BTC-as-price-surges-past" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1530″ loading=”lazy”/>
btc price at $38,140 | Source: BTCUSD on Tradingview.com
Latest SEC delay may be a good sign
in a mail shared on its X platform (formerly Twitter), James Seyffart, Bloomberg analyst questioned the SEC’s actions and what it could mean for possible approval. He reasoned that the SEC’s decision could be setting things up for a “full wave of approvals” in early January. The analyst had previously set the probability from an approval in January 2024 to 90%.
He further stated that the delay in Hashdex’s application (Hashdex’s announcement came shortly after Templeton’s) confirmed his reasoning. He believes the SEC is taking steps to prepare all applicants for possible approval by January 10, 2024. He quickly noted that these approvals would be for 19b-4 and did not necessarily mean an immediate launch.
bitcoin-etf-nov-2/” rel=”nofollow”>Scott Johnson, a prominent attorney at Davis Polk, also shared the same sentiments as Seyffart. He fixed that the SEC could have chosen to delay these requests early so that the comment period could end before January 10, 2024. That way, they can approve all the requests at the same time.
Featured image from Forkast News, chart from Tradingview.com
