The US Securities and Exchange Commission (SEC) has once again delayed the approval for a set of Bitcoin spot ETF applications. The ETF applications in question belong to GlobalX and Ark/21Shares. The SEC has designated January 10, 2024 as the final deadline for approving or denying Ark’s application. The delay in approvals comes after a group of crypto-supportive congressmen demanded that the SEC chair not discriminate against spot Bitcoin exchange-traded products. This delay has dampened hopes of a spot ETF being approved by the end of the year.
The SEC’s decision to delay the approval of Bitcoin spot ETF applications has caused further uncertainty in the market. GlobalX and Ark/21Shares have both been waiting for their applications to be approved, but the SEC has continued to push back their respective deadlines. This has raised concerns among investors who were hoping for the introduction of a Bitcoin spot ETF. The delay has also prompted speculation that the SEC is preparing for a likely federal government shutdown.
The SEC’s actions have been met with criticism from crypto-supportive congressmen who believe that the agency is discriminating against spot Bitcoin exchange-traded products. The delay in approving these applications has left investors eagerly anticipating the SEC’s next move. Meanwhile, Bitwise, another participant in the Bitcoin ETF race, has filed an amendment to its application, presenting new arguments against the SEC’s case for denying spot ETFs. Overall, the delays in approving Bitcoin spot ETFs have cast doubt on whether such a product will be approved by the end of the year.
