The US SEC has requested an extension of its determination to approve or reject spot Bitcoin and Ethereum ETFs. Presently, candidates for each ETFs are on standby as they await a closing determination in 2024.
SEC Extends ETF Overview To 2024
The US Securities and Alternate Fee (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 wanted extra time to correctly evaluation the problems of the appliance and its determination relating to ETFs.
“The Fee finds it acceptable to designate an extended interval inside which to take motion on the proposed rule change in order that it has enough time to contemplate the proposed rule change and points raised therein,” the SEC acknowledged within the submitting.
Presently, the SEC has introduced a postponement of Grayscale’s Ethereum Futures ETF application which the asset administration firm submitted earlier in September. The regulatory fee has additionally delayed HashDex’s application to transform its Bitcoin Futures ETF right into a spot fund.
Regardless of the growing demand and constructive sentiment surrounding Bitcoin and Ethereum ETFs probably coming into the crypto market, the SEC has insisted on impeding the expansion of ETFs by delaying approvals. The regulator rejected the introduction of ETFs, citing dangers reminiscent of market manipulation, fraud, and investor dangers.
A Senior Analyst at Bloomberg, James Seyffart has acknowledged possibilities of extra delays on BTC and Ether ETFs by the US SEC. Seyffart has affirmed that the delays wouldn’t have any influence on his views {that a} 19b-4 approval on Spot Bitcoin ETFs could be processed by January 10, 2024.
“We’re nearing the deadline dates for 3 spot Bitcoin ETF functions. I wish to get forward of it as a result of there’s a reasonably good likelihood we’ll see delayed orders from the SEC. Delays WOULD NOT change something about our views & 90% odds for 19b-4 approval by Jan 10, 2024,” Seyffart acknowledged.
The following deadline dates for the Hashdex and Franklin Spot Bitcoin functions are January 1, 2024. In complete, 10 out of the 12 pending Spot BTC ETF functions have their deadlines set for January 2024. However the SEC can nonetheless postpone them so far as March 2024. By Could 2024, the regulator may have made choices on all of the Spot BTC ETF filings.
Supply: James Seyffart on X
Bitcoin Defies SEC Delays, Surges Above 37K
Regardless of the information of the US SEC delaying Spot Bitcoin ETFs, the price of BTC has been rising steadily. In accordance with TradingView, the worth of BTC has surged above 37,000 and has proven weekly beneficial properties of 4.35%. BTC is presently buying and selling at $37,112.68 and its market cap for the day is up by 2.25%, as seen in CoinMarketCap.
The cryptocurrency continues to show bullish signals, displaying its resilience and potential for the upcoming bull run. This surprising value enhance has reinstated optimism amongst BTC buyers and the broader crypto neighborhood as they intently be careful for extra updates on the US SEC’s decision on Spot Bitcoin ETFs.
BTC value descends beneath $37,000 | Supply: BTCUSD on Tradingview.com
Featured picture from ETF Traits, chart from Tradingview.com
