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SEC Postpones Decision on Spot Bitcoin ETF Applications

The U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on several proposals for spot Bitcoin exchange-traded funds (ETFs), including submissions from major financial firms such as BlackRock and Invesco, as well as cryptocurrency-focused Bitwise.

This recent SEC decision to postpone Bitcoin ETF determinations follows a previous series of delays in late August, aligning with the initial deadlines.

Looking ahead, the next set of deadlines for these seven companies is scheduled for around mid-January, with the possibility of further extensions.

Ultimately, the SEC is obligated to reach a definitive decision no later than mid-March.

While there has been no formal announcement regarding Fidelity, VanEck, and WisdomTree, Bloomberg’s ETF analyst, James Seyffart, anticipates that they could face a similar outcome.

At the end of August, Eric Balchunas, an ETF analyst at Bloomberg, projected that the likelihood of approval for a spot Bitcoin ETF by the end of 2023 had increased from 65% to 75%. He attributed this shift to the decisive and unanimous verdict of the U.S. Court of Appeals Circuit in Grayscale’s legal victory over the SEC.

Balchunas further raised these probabilities to 95% by the end of 2024.

Gary simply cannot delay the inevitable forever.

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