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The SEC Delays Decision on Bitcoin ETF Applications to Mid-October

The SEC Delays Decision on Bitcoin ETF Applications to Mid-October

ETFs might not be as close as believed as the SEC delays its decision.

The US Securities and Exchange Commission (SEC) postponed a decision on the approval of applications for spot Bitcoin exchange-traded funds (ETF).

The regulator filed a document on August 31st, requesting the delay on applications from the interested firms, including Invesco, WisdomTree and Valkyrie.

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What is a Bitcoin Faucet? Pros & Cons Explained (With Animations)

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Initially, the regulator had to make the decision next week, but now it’s been pushed back to October 19th, and the commission will either give its approval or disapproval on the matter at that time. Reportedly, the SEC could potentially delay it even further.

The pushback comes on the heels of the court decision that the SEC wrongfully rejected Grayscale Investments’s application for spot Bitcoin ETF.

According to the court ruling, the SEC failed to provide sufficient reasoning for the rejection, and the agency was ordered to review the request and make a fair decision. The SEC still has the option to appeal this decision.

It counted as a win for the crypto community, and there were speculations that the first-ever Bitcoin ETF could be on the horizon. However, the delay dampened such hopes.

ETFs, by their nature, are investment funds that are regulated by the SEC, and the issued shares are considered securities that must be registered with the agency. Bitcoin ETF, in turn, would simplify Bitcoin trading, allowing customers to track the asset’s price and engage in crypto trade in a more traditional trading framework.

The SEC rejected multiple applications for Bitcoin ETFs, citing the volatility of the assets. However, the interest is only growing, as evident by major financial institution BlackRock’s application for Bitcoin Spot ETF.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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