SEC Delays Spot Bitcoin ETF Applications: Possibility of ETF Approval in 2023 Fading Away!

• The U.S. Securities and Exchange Commission (SEC) has had a new development by postponing the applications of BlackRock and Bitwise.
• With the delay of BlackRock’s application, three out of a total of seven applications have received responses from the SEC.
• Meanwhile, Valkyrie is expected to start offering exposure to Ethereum futures products through its Bitcoin and Ether Strategy ETF, which will be the first ETH futures product in the United States, on September 30, 2023.

SEC, remaining adamant, has decided to further extend the review process for spot Bitcoin ETFs; What happens next?

SEC Delays Spot Bitcoin ETFs Again

Following an early decision on the ARK Invest 21Shares spot Bitcoin Exchange Traded Fund (ETF) application, the U.S. Securities and Exchange Commission (SEC) had a new development by postponing the applications of BlackRock and Bitwise. Therefore, the possibility of spot Bitcoin ETF approval in 2023 could effectively disappear.

The crypto community and financial analysts had unanimously predicted that investment manager BlackRock, which has a significant presence across sectors in the U.S. and beyond, would receive the fastest ETF approval among all applications. With the postponement of BlackRock’s application, three out of a total of seven applications have now received responses from the SEC. An update from the institution stated:

“To determine whether to approve or disapprove a proposed rule change relating to the listing and trading of shares.”

Previously, COINOTAG reported that the ARK Invest 21Shares application had been postponed and that the U.S. SEC requested more time for any action on the proposed rule change. With this decision, the SEC was required to respond to Ark by November 11, 2023, but it advanced the timeline. Recently, another asset management firm, Franklin Templeton, had applied for a spot ETF.

Launch of Valkyrie Bitcoin and Ethereum Strategy ETF

Meanwhile, on September 30, 2023, Valkyrie is expected to begin offering exposure to Ethereum futures products through its Bitcoin and Ether Strategy ETF, which will be the first ETH futures product in the United States. Bloomberg analyst Eric Balchunas also revealed that at least two other companies would launch futures ETFs if the SEC allowed them before a possible government shutdown.