Ignition delay for Bitcoin ETFs. As you may know, major players in finance, such as BlackRock and Fidelityare currently engaged in a frantic race to get the long-awaited approval of Bitcoin ETFs.
However, the Securities and Exchange Commission (DRY), the financial regulator in the United States, recently announced that it would have need more time than expected to review and validate the claims of these Wall Street behemoths.
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Bitcoin ETFs, not for now according to the SEC
The news fell last night, French time. The SEC informed that she would delay approval bitcoin spot ETFs offered by major players, such as BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco and Valkyrie. This decision postpone the deadline for submission of documentsssuch as Valkyrie on October 19 and Bitwise on October 16.
Specifically, approval of ETFs will only be considered around mid-October, the 17 to be precise. This unexpected delay naturally raises questions and speculation about the future of Bitcoin ETFs.
“The Commission considers it appropriate to set a longer deadline for taking action on the proposed rule change in order to allow sufficient time to consider the proposed rule change and the issues raised therein”
DRY
The risks of fraud or of handling courses are then so manyarguments justifying that the SEC takes its time to authorize these Bitcoin spot ETFs. It also highlights the difference in treatment compared to the first Bitcoin futures ETFswhich were approved as early as 2021.
While the price of Bitcoin Reacted Positively to Grayscale’s Partial Victory against the SEC, regarding the conversion of its GBTC fund into a Bitcoin spot ETF, this news has calmed the ardor of the king of cryptocurrencies which experienced a drop overnight. Case to follow on the Journal du Coin.
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