The US SEC has requested an extension of its resolution to approve or reject spot Bitcoin and Ethereum ETFs. Presently, candidates for each ETFs are on standby as they await a remaining resolution 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 functions. The regulator filed for an extension on November 15 stating that it wanted extra time to correctly evaluate the problems of the applying and its resolution concerning 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 said within the submitting.
Presently, the SEC has introduced a postponement of Grayscale’s Ethereum Futures ETF utility which the asset administration firm submitted earlier in September. The regulatory fee has additionally delayed HashDex’s utility to transform its Bitcoin Futures ETF right into a spot fund.
Despite the rising 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 equivalent to market manipulation, fraud, and investor dangers.
A Senior Analyst at Bloomberg, James Seyffart has said chances of extra delays on BTC and Ether ETFs by the US SEC. Seyffart has affirmed that the delays wouldn’t have any affect 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 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 said.
The subsequent 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. But the SEC can nonetheless postpone them so far as March 2024. By May 2024, the regulator could have made choices on all of the Spot BTC ETF filings.
Source: James Seyffart on X
Bitcoin Defies SEC Delays, Surges Above 37K
Despite the information of the US SEC delaying Spot Bitcoin ETFs, the worth of BTC has been rising steadily. According to TradingView, the value 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 indicators, displaying its resilience and potential for the upcoming bull run. This surprising worth improve has reinstated optimism amongst BTC buyers and the broader crypto neighborhood as they intently be careful for extra updates on the US SEC’s resolution on Spot Bitcoin ETFs.
BTC worth descends beneath $37,000 | Source: BTCUSD on Tradingview.com
Featured picture from ETF Trends, chart from Tradingview.com