Sep 29, 2023

Firms Await SEC Decision on Bitcoin ETF as Crypto Markets React

Latest on Bitcoin ETF decision by BlackRock, Invesco and Bitwise for crypto exchange Gemini and Fidelity.
SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

Latest on Cryptocurrency ETFs

The United States Securities and Exchange Commission has delayed its decision on several proposals for spot Bitcoin (BTC) exchange-traded funds (ETFs), including BlackRock, Gemini Crypto Exchange, Fidelity Crypto, and Invesco, ahead of an anticipated government shutdown.

According to separate Sept. 28 filings, the spot Bitcoin ETF applications of Bitwise and Valkyriewere also delayed by the SEC, whileBloomberg ETF analyst James Seyffart is expecting the applications from VanEck and WidsomTree to be pushed back by the securities regulator as well.

The latest delays came two weeks earlier than the scheduled second deadline date for many applicants, who had been expecting to hear from the securities regulator by Oct. 16–19.

Seyffart said the timing of the delays is related to the expected U.S. government “shutdown” potentially taking place on Oct. 1, which will disrupt the country’s financial regulators and other federal agencies.

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As the first deadline for the SEC to make a decision on a bundle of spot Bitcoin ETF applicants approached, both chambers of Congress — the House and Senate — have yet to agree on various funding bills to finance government operations. In order to avoid a shutdown, Congress needs to pass 12 separate full-year funding bills by Oct. 1.

Bloomberg ETF analyst Eric Balchunas recently estimated that the probability of a spot Bitcoin ETF being approved by the end of 2023 had increased to 75% (from an earlier 65%). The third set of deadlines for the seven firms is around mid-January, and the SEC will have to make a final decision by mid-March at the very latest.

Gemini Crypto Exchange, Fidelity Crypto, and other inverse finance crypto firms are making headlines in the crypto and Bitcoin space today. Web 3.0 applications, the latest on AI, and other advancements in the crypto space are paving the way for a more secure and reliable future.

The U.S. Court of Appeals Circuit’s unanimous and resolute ruling in favor of Grayscale in its court battle against the SEC was the primary factor in the odds rising. Bloomberg Crypto expert Balchunas even pushed those odds up to 95% by 2024.

As the crypto today latest and web 3.0 applications continue to evolve, the latest on ai and inverse finance crypto have been key topics in the industry. Gemini Crypto Exchange, Fidelity Crypto, and Crypto Bitcoin have all been major players in the crypto world, and the latest crypto today is sure to have a significant impact.

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