In the cryptocurrency world, there is a decision for the highly anticipated Bitcoin ETFs. SEC extends decision timeline for Bitcoin ETF proposals. This reflects the SEC’s resistance on the issue.
Delays impact leading Bitcoin ETF applicants
There is an important decision from the Securities and Exchange Commission (SEC) today. The decision relates to the decision-making process regarding various Bitcoin exchange-traded fund (ETF) offerings. Accordingly, the SEC announced further delays. This decision comes shortly after decisions for the Ark 21Shares and GlobalX ETFs were postponed until January.
The latest round of anticipated delays, announced today, looks at major ETF filings including BlackRock, Valkyrie and Bitwise. The SEC announced the first decision postponement for these funds on August 31. In addition, the SEC recently postponed its decision regarding Hashdex’s Bitcoin ETF. Accordingly, the decision date was expected to be around October 6.
Preventative measures ahead of potential government shutdown
Commenting on these delays, Bloomberg’s James Seyffart suggested that they were implemented in anticipation of a government shutdown. SEC Chairman Gary Gensler made the statements at a recent session in Washington. He had expressed concerns that the government shutdown would leave the regulator with a “skeleton” staff.
Among the delayed Bitcoin ETF applications, BlackRock’s application attracted great attention. The application of BlackRock, a $9 trillion asset management giant with a long track record regarding SEC approvals, is eagerly awaited. Bloomberg’s Eric Balchunas and Seyffart report an approval record for BlackRock of about 575-1.
Deadline flexibility and its implications
Before these delays, many ETF candidates were facing mid-October deadlines. However, industry experts pointed out that the SEC has the authority to extend the decision-making process until the end of the 240-day period. The ongoing delays have raised questions about whether the SEC will appeal the latest Grayscale decision. A panel of judges ruled in favor of Grayscale. He also asked the SEC to reconsider his application to convert Bitcoin Trust (GBTC) into an ETF.
As previously reported, the SEC has 45 days to file an appeal from the August 29 decision. Additionally, October 13 marks the last day for such action. On the other hand, when we look at it as cryptokoin.com, we are faced with an interesting situation for Ethereum ETFs. Accordingly, Bitcoin ETFs face expected delays. However, the SEC is actively advancing Ethereum futures ETFs. This signals a two-pronged approach to cryptocurrency investment products.
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