2023-08-31 20:06:00
???? Update 08/31/2023 – 22:38: All ETF requests were rejected without exception.
Update 08/31/2023 – 22:27 : The Securities and Exchange Commission (SEC) has also decided to reject the requests of Fidelity and VanEck.
The SEC rules on the first Bitcoin spot ETFs
With a little advance, The Securities and Exchange Commission (SEC) has decided to push back applications for spot Bitcoin ETFs from WisdomTree, Valkyrie and Invesco:
“The Commission considers that a longer period should be fixed […] to consider the proposed rule change and the issues it raises. »
Following this unsurprising decision, SEC has 45 days to further assess affected spot Bitcoin ETF applications, which postpones the deadline at least until October 17th. Once the deadline has been reached, the SEC may decide to postpone its decision again if it wishes, or even a third.
Whatever happens, the final maturity for each of these spot Bitcoin ETF requests is fixed between the month of January 2024 for 21Shares & Ark and the month of March for all the others.
US regulator still to rule on Bitwise, VanEck, Fidelity claims and especially BlackRock, the largest asset manager with an impressive history of 575 ETFs approved against only one refused. According to the initial schedule, the SEC must rule on it on Saturday, September 2.
Grayscale’s recent victory against the SEC had given some heartache to the crypto community, which sees a possible Bitcoin spot ETF approval as a trigger for the next bullrun, which should also be encouraged by the upcoming halving. of April 2024.
Indeed, ETFs are an entry route for institutions and the arrival of spot Bitcoin ETFs in the United States would bring the world of cryptocurrency closer to that of traditional finance.
Already down 4% over the past 24 hours, the price of Bitcoin did not react particularly to the news.
???? Related – Bitcoin (BTC): Here’s Why Spot ETFs Could Change Everything
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Source : SEC
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