The US SEC has requested an extension of its decision to approve or reject spot Bitcoin and Ethereum ETFs. Presently, candidates for both ETFs are on standby as they await a final decision in 2024.
SEC Extends ETF Review To 2024
The United States Securities and Exchange Commission (SEC) has delayed its approval for Spot Bitcoin and Ethereum Futures ETF applications. The regulator filed for an extension on November 15 stating that it needed more time to properly review the issues of the application and its decision regarding 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 issues raised therein,” the SEC stated in the filing.
Presently, the SEC has announced a postponement of Grayscale’s Ethereum Futures ETF application which the asset management company submitted earlier in September. The regulatory commission has also delayed HashDex’s application to convert its Bitcoin Futures ETF into a spot fund.
Despite the growing demand and positive sentiment surrounding Bitcoin and Ethereum ETFs potentially entering the crypto market, the SEC has insisted on impeding the growth of ETFs by delaying approvals. The regulator rejected the introduction of ETFs, citing risks such as market manipulation, fraud, and investor risks.
A Senior Analyst at Bloomberg, James Seyffart has stated probabilities of more delays on BTC and Ether ETFs by the US SEC. Seyffart has affirmed that the delays would not have any impact on his views that a 19b-4 approval on Spot Bitcoin ETFs would be processed by January 10, 2024.
“We’re nearing the deadline dates for 3 spot Bitcoin ETF applications. I want to get ahead of it because there’s a pretty good chance we’ll see delayed orders from the SEC. Delays WOULD NOT change anything about our views & 90% odds for 19b-4 approval by Jan 10, 2024,” Seyffart stated.
The next deadline dates for the Hashdex and Franklin Spot Bitcoin applications are January 1, 2024. In total, 10 out of the 12 pending Spot BTC ETF applications have their deadlines set for January 2024. But the SEC can still postpone them as far as March 2024. By May 2024, the regulator will have made decisions on all the Spot BTC ETF filings.
Source: James Seyffart on X
Bitcoin Defies SEC Delays, Surges Above 37K
Despite the news of the US SEC delaying Spot Bitcoin ETFs, the price of BTC has been rising steadily. According to TradingView, the price of BTC has surged above 37,000 and has shown weekly gains of 4.35%. BTC is presently trading at $37,112.68 and its market cap for the day is up by 2.25%, as seen in CoinMarketCap.
The cryptocurrency continues to display bullish signals, showing its resilience and potential for the upcoming bull run. This unexpected price increase has reinstated optimism among BTC investors and the broader crypto community as they closely watch out for more updates on the US SEC’s decision on Spot Bitcoin ETFs.
BTC price descends below $37,000 | Source: BTCUSD on Tradingview.com
Featured image from ETF Trends, chart from Tradingview.com