- The SEC has once again delayed its decision on four prominent Bitcoin exchange-traded fund (ETF) applications currently under review.
- The decision date for these ETF applications was originally scheduled between October 16-19. However, due to the expected government shutdown this weekend, the SEC accelerated its announcement.
- A U.S. court that could increase the chances of approval in the near future overturned the SEC’s decision to reject Grayscale’s application.
The U.S. Securities and Exchange Commission (SEC) is working rapidly this week: 3 spot Bitcoin ETFs are still pending!
SEC Speeding Up Its Work This Week
The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on four prominent Bitcoin exchange-traded fund (ETF) applications currently under review.
On September 28, the SEC made separate announcements with BlackRock, Bitwise, Invesco Galaxy Digital, and Valkyrie. This marks the second extension by the SEC for BlackRock, Invesco, Galaxy Digital, and Valkyrie Funds within a month.
The SEC noted that it has initiated a formal process under Section 19(b)(2)(B) of the Securities Exchange Act of 1934. The Commission is still collecting public comments on the proposal and has not made a decision yet.
The decision date for these ETF applications was originally scheduled between October 16-19. However, due to the expected government shutdown this weekend, the SEC accelerated its announcement.
Government funding is set to expire at 12:01 AM (Eastern Time) on Sunday, and many federal agencies, including the SEC, are expected to temporarily shut down, halting the release of economic data.
SEC Continues to Delay ETF Applications
This year, seven investment firms have either filed new applications or resubmitted spot Bitcoin ETF applications. This does not include Grayscale’s attempt to convert Bitcoin trust into an ETF.
A U.S. court that could increase the chances of approval in the near future overturned the SEC’s decision to reject Grayscale’s application. Earlier this week, the SEC delayed Ark Invest’s ETF application for the second time.
Additionally, there are three more ETFs with submission deadlines in the third week of October. These ETFs are filed by WisdomTree, Fidelity, and VanEck. According to Bloomberg’s ETF expert James Seyffart, these applications also have the potential to face similar delays before a potential government shutdown.
