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.
ANOTHER: @BlackRock joins the party on spot #Bitcoin ETF delays. Three out of seven down. https://t.co/Cn9DSibqf8 pic.twitter.com/eJTzDNInCi
— James Seyffart (@JSeyff) September 28, 2023
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.
