Key Points:
This decision, anticipated to be unveiled by the end of the week, holds significant implications for major players such as Bitwise, BlackRock, VanEck, WisdomTree, and Invesco.
The regulatory body possesses the authority to greenlight, reject, or postpone these applications, signifying a critical moment for the crypto industry. The evaluation process is scheduled to commence with Bitwise’s proposal on Friday, followed by the scrutiny of others the subsequent day. This strategically timed assessment ensures that the SEC has a comprehensive overview before the week draws to a close.
However, the history with crypto ETF applications has been a blend of postponements, denials, and occasional approvals. Recent events have seen the regulator defer the decision on spot Bitcoin ETF applications from 21Shares and ARK Investment Management. This move echoes previous instances where multiple filings have faced setbacks over the last decade.
Roxanna Islam, Associate Director of Research and Head of Sector and Industry Research at VettaFi, noted, “We can expect the SEC to delay more applications, especially after they’ve been released.” These delays indicate that the road to a Bitcoin ETF approval remains fraught with uncertainties.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Palo Alto, California, 21st November 2024, Chainwire
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