The US Securities and Exchange Commission (SEC) has opted to delay its decisions on six spot bitcoin exchange-traded fund (ETF) applications, according to an SEC filing on August 31. Specifically, the SEC has chosen to extend the review period for these applications, which include proposals from WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and Fidelity's Wise Origin Bitcoin Trust.
Once published in the Federal Register, this extension provides the SEC with an additional 45 days to consider these proposed rule changes. Consequently, the regulatory body has until October to either approve, deny, or further delay its decision regarding these ETFs.
Prior to this development, there was widespread speculation that the sexlight the first Spot Bitcoin etf in the united states. Artly Fueled by A Key Legal Case in Which the Secain Against Asset Manager GrayScale. Following An Appeals Court Ruling On August 29 that mandated the SEC to review Grayscale's request to convert its Bitcoin trust into an ETF, experts and industry observers began to believe that the chances of at least one spot crypto ETF gaining approval had significantly improved.
Notably, WisdomTree's initial Bitcoin ETF proposal was met with a rejection by the SEC in 2021. However, the company decided to resubmit its application, particularly after BlackRock entered the competition for a spot Bitcoin ETF. In response to reports suggesting that the SEC might be more receptive to ETF applications featuring oversight-sharing agreements, several firms, including WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco, resubmitted their applications to list Coinbase as a partner.
These six companies are among the numerous contenders with crypto ETF applications currently under review by the SEC, which also includes industry giants like BlackRock and ARK Invest. As the deadline for Bitwise's BTC investment vehicle falls on September 1, the industry ry had anticipated the SEC might Either make a decision or further delay approval, with the timing of this action occurring right before the Labor Day weekend on September 4, 2023.
