SEC Delays Decision on Spot Bitcoin ETFs
The United States Securities and Exchange Commission (SEC) has postponed its decisions on 3 applications for spot Bitcoin (BTC) exchange-traded funds, or ETFs.
Extended Review Period for WisdomTree, Invesco, and Valkyrie
According to SEC filings dated Aug. 31, the commission has designated a longer period in which it may review spot Bitcoin ETF applications from WisdomTree, Invesco, and Valkyrie. The SEC will have another 45 days upon publication in the Federal Register to consider the proposed rule changes, giving the regulator until October to approve, deny, or delay a decision.
Rumors Increase Following Grayscale Appeal
The delays followed speculation that the SEC could approve a spot Bitcoin ETF in the United States for the first time after the commission lost a crucial appeal brought by asset manager Grayscale. A court ruled on Aug. 29 the SEC would need to review Grayscale's petition to convert its Bitcoin Trust into an ETF, leading many experts to suggest the odds for approval of at least one spot crypto ETF had significantly increased.
WisdomTree, Invesco, and Valkyrie Join the Race
WisdomTree’s Bitcoin ETF proposal didn’t get the SEC’s approval in 2021. However, after BlackRock joined the spot Bitcoin ETF race, WisdomTree refiled its application as well. WisdomTree was not the only institutional giant making a second attempt after rejections; the likes of Valkyrie, Fidelity and Invesco have also re-filed their applications for a spot Bitcoin ETF.
Many Firms Awaiting SEC Decision
WisdomTree, Valkyrie, and Invesco are three of many firms with crypto ETF applications in the SEC pipeline, including BlackRock, ARK Invest, Bitwise Asset Management, VanEck, and Fidelity. The deadline for the SEC to reach a decision or delay Bitwise's BTC investment vehicle is Sept. 1, suggesting the commission will likely make an announcement soon.
