In August, ARK CEO Cathie Wood stated in her announcement that “I think if the SEC decides to approve a Bitcoin ETF, it may tend to approve multiple ETFs at the same time.”

The SEC has not approved any applications so far, and they rejected several Bitcoin ETF applications in the past weeks. Besides, it continues to review a series of spot Bitcoin ETF applications, including leading companies such as BlackRock, Fidelity, VanEck, and Invesco. ARK 21Shares Bitcoin ETF was a pioneer in this group.

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On the other hand, Grayscale Investments won its spot Bitcoin ETF lawsuit against the SEC. This means that the SEC should reconsider its spot Bitcoin ETF proposal, but does not finalize its approval. In this case, closer scrutiny of the SEC’s cryptocurrency regulations and ETF approval processes is expected.

The case won by Grayscale Investments against the SEC may require further discussion and review of regulations and ETF approval processes. Therefore, we are likely to see more progress and change in cryptocurrency and ETFs in the future.

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The post SEC Postpones Spot ETF Applications of These Companies! appeared first on Coin Engineer.

The United States Securities and Exchange Commission ( SEC ) has recently announced a postponement in its decision regarding seven prominent applicants seeking approval for a spot Bitcoin exchange-traded fund  ( ETF ) in the United States.

On August 31, the SEC filed a series of documents in which it stated the necessity for additional time to conduct a comprehensive assessment of the proposed rule changes required to permit the listing of spot Bitcoin ETF s on the stock exchange. This delay affects seven applicants, including BlackRock, the world’s largest asset manager, as well as VanEck, WiseOrigin, Invesco Galaxy, WisdomTree, Bitwise, and Valkyrie Digital Assets.

JUST IN: SEC is opting to delay (as expected) on spot bitcoin ETF deadlines pic.twitter.com/W4JjOji6L2

— Eric Balchunas (@EricBalchunas) August 31, 2023

Although the proposed rule change was published on July 19 for public input, the SEC has stayed within the 45-day response period. Opting for an additional 45-day extension, the SEC has shifted the decision date for five applications to October 17. Despite the varying deadlines for these applications, with Bitwise’s deadline set for October 17 and Valkyrie Digital Assets’ deadline for October 19, the language in all the filings remains similar. They indicate that these proposed dates are when the SEC anticipates making a decision to either approve, disapprove, or initiate proceedings to determine whether to disapprove the proposed rule changes.

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Grayscale’s Triumph and Market Uncertainty

Interestingly, this development comes shortly after Grayscale Investments succeeded in appealing an initial SEC decision that rejected the listing of its spot Bitcoin ETF. On August 29, the United States Court of Appeals for the D.C. Circuit ruled in favor of Grayscale, prompting a reevaluation of their application. This victory has led to increased optimism in the market, with Bloomberg analysts now giving a 75% probability assessment for the launch of spot Bitcoin ETF in 2023.

Furthermore, the SEC has recently added another obstacle to the joint spot Bitcoin ETF from Ark Invest and 21 Shares, known as the Ark 21Shares Bitcoin ETF. On August 11, this product faced its third setback in terms of an outcome date, following previous rejections in 2021 and earlier this year.

In summary, the SEC’s decision to postpone its rulings on these six spot Bitcoin ETF applications, along with the Grayscale case developments, has generated significant anticipation and uncertainty in the cryptocurrency market, with market participants eagerly awaiting further regulatory clarity.

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