The US SEC has requested an extension of its decision to approve or reject bitcoin and ethereum spot ETFs. Candidates for both ETFs are currently on hold awaiting a final decision in 2024.
SEC extends ETF review until 2024
The United States Securities and Exchange Commission (SEC) has delayed the approval of Spot bitcoin and ethereum Futures ETF Applications. He The regulator requested an extension. on November 15 indicating that it needed more time to properly review the issues in the application and its decision regarding the ETFs.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC stated in the filing.
Currently, the SEC has announced a postponement of ethereum/grayscale-ethereum-futures-etf/” rel=”nofollow noopener” target=”_blank”>Grayscale ethereum Futures ETF App which the asset management company presented in early September. The regulatory commission has also delayed The HashDex application to convert your bitcoin futures ETF into a spot fund.
In spite of the Increasing demand and positive sentiment around bitcoin and ethereum ETFs potentially entering the cryptocurrency market, the SEC has made a point of impeding the growth of ETFs by delaying approvals. The regulator rejected the bitcoin-news/grayscale-spot-bitcoin-etf/” rel=”nofollow noopener” target=”_blank”>ETF introductionciting risks such as market manipulation, fraud and risks to investors.
Bloomberg Senior Analyst, James Seyffart has stated chances of further delays to btc and Ether ETFs by the US SEC Seyffart has stated that the delays would have no impact on his view that a 19b-4 approval in bitcoin Spot ETF would be processed before January 10, 2024.
“We are approaching the deadline for 3 spot bitcoin ETF applications. I want to get ahead of you because there’s a good chance we’ll see delayed orders from the SEC. Delays would NOT change anything about our views and 90% chance of passage of 19b-4 by January 10, 2024,” Seyffart said.
The next deadline for Hashdex and Franklin Spot bitcoin applications is January 1, 2024. In total, 10 of the 12 pending Spot btc ETF applications have their deadline set for January 2024. But the SEC can still postpone them till March. 2024. By May 2024, the regulator will have made decisions on all Spot btc ETF filings.
<img decoding="async" class="alignnone size-medium wp-image-264972 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/11/Deadline-dates-bitcoin–ethereum-ETFs.png?w=640&resize=640%2C262″ alt=”bitcoin ethereum ETF Deadlines” width=”640″ height=”262″ srcset=”https://bitcoinist.com/wp-content/uploads/2023/11/Deadline-dates-bitcoin–ethereum-ETFs.png?w=795 795w, https://bitcoinist.com/wp-content/uploads/2023/11/Deadline-dates-bitcoin–ethereum-ETFs.png?w=640&resize=640%2C262 640w, https://bitcoinist.com/wp-content/uploads/2023/11/Deadline-dates-bitcoin–ethereum-ETFs.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/Deadline-dates-bitcoin–ethereum-ETFs.png?w=750 750w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″/>
Source: James Seyffart on X
bitcoin defies SEC delays and surpasses 37,000
Despite the news that the US SEC delayed spot bitcoin ETFs, the bitcoin/bitcoin-price-spot-etf-priced-in/” rel=”nofollow noopener” target=”_blank”>btc price has been increasing constantly. According TradingView, btc price surpassed 37,000 and showed weekly gains of 4.35%. btc is currently trading at $37,112.68 and its market cap for the day has increased by 2.25%, as seen on CoinMarketCap.
Cryptocurrency continues to show bullish signals, showing its resistance and potential for the next bull run. This unexpected price surge has restored optimism among btc investors and the broader crypto community as they closely watch for further updates on the US SEC Decision on bitcoin Spot ETFs.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/YhjTjL8T/" alt="Tradingview.com btc Price Chart (bitcoin Spot ETF, ethereum Futures ETF)” width=”2650″ height=”1742″/>
btc price descends below $37,000 | Source: BTCUSD on Tradingview.com
Featured image from ETF Trends, chart from Tradingview.com
