BTC

$61271.402

0.88%

ETH

$2935.793

1.05%

BNB

$592.917

1.03%

XRP

$0.506

0.81%

News

SEC Postpones Vital Decision on First-Ever Bitcoin ETF Approval

November 16, 2023 - Around 2 mins mins to read

Key Points:

  • The US Securities and Exchange Commission (SEC) has deferred the decision on Hashdex’s Bitcoin ETF approval until 2024.
  • This delay follows a pattern seen with other ETF hopefuls, signaling the SEC’s cautious approach to cryptocurrency investment products.
The US Securities and Exchange Commission (SEC) has once again postponed its decision regarding the approval of the first US exchange-traded fund (ETF) (Bitcoin ETF approval) directly investing in Bitcoin.
SEC Postpones Vital Decision on First-Ever Bitcoin ETF Approval

Despite mounting speculation that approval might be imminent, the SEC deferred a decision on Hashdex’s application to convert its existing Bitcoin futures ETF into a spot fund.

The regulatory body had a deadline of November 17 to respond to the application filed by the crypto asset manager back in September. However, according to a document released on Wednesday, the SEC has extended the decision-making timeline to 2024. This delay mirrors the SEC’s approach to several other ETF applications, reflecting a cautious stance on cryptocurrency-related financial products.

Grayscale’s Ether Futures ETF Stalled Again

SEC Postpones Vital Decision on First-Ever Bitcoin ETF Approval

James Seyffart, an ETF analyst, commented on the SEC’s decision, stating, “It’s really not that surprising; the SEC goes early on decisions like this fairly frequently.”

In addition to Hashdex’s case, the SEC also deferred action on Grayscale’s initiative to launch a new Ether futures ETF. The regulatory uncertainty surrounding these ETFs has become a recurring theme in the crypto space, as market participants eagerly await regulatory clarity and the green light for such investment vehicles.

image 326

The postponement underscores the SEC’s meticulous approach to evaluating the risks and regulatory implications associated with cryptocurrency-based financial instruments. As the crypto industry continues to evolve, market participants and enthusiasts will be closely monitoring future developments in the SEC’s stance on these groundbreaking financial products.

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.

Bitcoin ETF

Bitcoin ETF approval

SEC

Avatar of Annie

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

SEC Postpones Vital Decision on First-Ever Bitcoin ETF Approval

Key Points:

  • The US Securities and Exchange Commission (SEC) has deferred the decision on Hashdex’s Bitcoin ETF approval until 2024.
  • This delay follows a pattern seen with other ETF hopefuls, signaling the SEC’s cautious approach to cryptocurrency investment products.
The US Securities and Exchange Commission (SEC) has once again postponed its decision regarding the approval of the first US exchange-traded fund (ETF) (Bitcoin ETF approval) directly investing in Bitcoin.
SEC Postpones Vital Decision on First-Ever Bitcoin ETF Approval

Despite mounting speculation that approval might be imminent, the SEC deferred a decision on Hashdex’s application to convert its existing Bitcoin futures ETF into a spot fund.

The regulatory body had a deadline of November 17 to respond to the application filed by the crypto asset manager back in September. However, according to a document released on Wednesday, the SEC has extended the decision-making timeline to 2024. This delay mirrors the SEC’s approach to several other ETF applications, reflecting a cautious stance on cryptocurrency-related financial products.

Grayscale’s Ether Futures ETF Stalled Again

SEC Postpones Vital Decision on First-Ever Bitcoin ETF Approval

James Seyffart, an ETF analyst, commented on the SEC’s decision, stating, “It’s really not that surprising; the SEC goes early on decisions like this fairly frequently.”

In addition to Hashdex’s case, the SEC also deferred action on Grayscale’s initiative to launch a new Ether futures ETF. The regulatory uncertainty surrounding these ETFs has become a recurring theme in the crypto space, as market participants eagerly await regulatory clarity and the green light for such investment vehicles.

image 326

The postponement underscores the SEC’s meticulous approach to evaluating the risks and regulatory implications associated with cryptocurrency-based financial instruments. As the crypto industry continues to evolve, market participants and enthusiasts will be closely monitoring future developments in the SEC’s stance on these groundbreaking financial products.

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.

Visited 88 times, 1 visit(s) today