SEC Postpones Verdict on 7 Spot Bitcoin ETF Applications

The United States Securities and Exchange Commission (SEC) has postponed announcing the outcomes for seven leading applicants seeking to launch a Bitcoin ETF in the US.

“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,” a filing states.

SEC Extends Bitcoin ETF Decision Period Another 45 Days

On August 31, in seven separate filings, the SEC stated that it requires extra time to review the proposed rule change for allowing the listing and trading of spot Bitcoin ETFs on the stock exchange. This delay applies to seven applicants, including BlackRock, VanEck, WiseOrigin, Invesco Galaxy, WisdomTree, Bitwise, and Valkyrie Digital Assets.

Although the proposed rule change was published on July 19 for public input, the SEC has stayed within the 45-day response period. Opting for an additional 45-day extension, the SEC has shifted the decision date for five applications to October 17. Still, the decision might not be as clear-cut:

“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates October 19, 2023, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

Interestingly, among the applicants, two have distinct deadlines—one a day earlier and the other a day later than the remaining five applicants. Bitwise’s deadline falls on October 17, while Valkyrie Digital Assets’ falls on October 19.

Over the past 24 hours, Bitcoin’s price has experienced a decline of approximately 4.67%. At the time of publication, the current price is $25,994.

Bitcoin Price Chart 1 Day. Source: BeInCrypto

To learn more about where to buy Bitcoin, read BeInCrypto’s guide: 4 Best Crypto Brokers for Buying and Selling Bitcoin in 2023

This comes after Grayscale Investments successful appeal to reverse an SEC decision that initially rejected the listing of its spot Bitcoin ETF.

On August 29, The United States Court of Appeals for the D.C. Circuit invalidated the SEC’s rejection decision, mandating a reevaluation of Grayscale’s application.

The post SEC Postpones Verdict on 7 Spot Bitcoin ETF Applications appeared first on BeInCrypto.

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