The US Securities and Exchange Commission (SEC) is delaying its decision on the approval of spot-based bitcoin (BTC) exchange-traded funds (ETFs) until October.
In the new filing, the regulatory agency has announced that it will withdraw its decision to approve or reject several bids to create BTC ETFs, including from financial firms Invesco, WisdomTree and Valkyrie, from August to October.
The Bitcoin ETF will provide investors with exposure to crypto assets through a brokerage, just like precious metals like gold and silver.
The move comes as no surprise to Bloomberg ETF analyst James Seifert They say It would have been shocking if the SEC had actually made its decision this week.
“Mid-October are the next major days to watch. That is, 16 October. Also, a reminder that we fully expected a delay this round [market] Bitcoin ETF Filing. If he was cleared this week, it would have been a blow.”
Earlier this week, Seifert and Eric Balchunas, another Bloomberg ETF analyst, said there was a 75% chance the spot market BTC ETF would be approved by the end of 2023 and a 95% chance it would be approved by the end of 2024. . ,
Although the decision has been delayed, former SEC Chairman Jay Clayton recently said that approval of a BTC ETF is “inevitable” because it is clear that bitcoin does not qualify as a security and that the SEC’s concerns about investor protection are addressed. addressed by financial institutions.
Bitcoin is trading at $25,627 at the time of writing, a decrease of 2.54% during the past 24 hours.
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