SEC Delays Ruling on Spot Bitcoin ETF From BlackRock & Others

As per the documents posted on the SEC’s website on Thursday, August 31, the federal securities regulator differed on filing from all seven applications. SEC Chair Gary Gensler has consistently defended the rejection of ETF proposals as a measure to safeguard investors from potential fraud in an industry he perceives as being susceptible to such activities. In the documents published on Thursday, the US SEC said:

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“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”.

The ruling follows a significant triumph by Grayscale Investments against the SEC. Earlier this week, a federal appeals court overturned the rejection of Grayscale’s bid to transform GBTC into an ETF. The court deemed the denial “arbitrary and capricious” as the commission had not justified its distinct handling of comparable products. It’s worth noting that ETFs centered on Bitcoin futures were granted approval in 2021.

The Wait for Spot Bitcoin ETF Shall End Soon

Advocates of cryptocurrency have long contended that the introduction of a spot fund would prove advantageous to investors. The presence of such a product would simplify the process for institutional players to participate in the crypto market.

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After the Grayscale court verdict earlier this year, Bloomberg analysts said that the odds of spot Bitcoin ETFs coming to the market by the end of 2023, have improved by 75%. Also, they are almost sure that by the end of 2024, the US will have a product in the market.

The idea of a spot-Bitcoin product has caused a lot of excitement for some supporters. They believe these funds could make a lot of money, possibly even tens of billions of dollars.

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