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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/sec-delays-bitcoin-spot-etfs-to-october-17-2023-as-predicted-by-insiders/">SEC Delays Bitcoin Spot ETFs to October 17, 2023, as Predicted by Insiders</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>The U.S. Securities and Exchange Commission (SEC) has prolonged the review period for all six pending Bitcoin Spot ETF applications. The regulatory body has set a new decision deadline for October 17, 2023, without offering explicit reasons for the delay.</p>
<h2 id="insiders-had-foreseen-the-delay" class="wp-block-heading">Insiders had Foreseen the Delay</h2>
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   <p>BREAKING: SEC delays decision on ALL 6 Bitcoin Spot ETF applications another 45 days. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6d1.png" alt="🛑" style="height: 1em; max-height: 1em;"><br><br>Oct 17, 2023. Write it down.</p>— Jason A. Williams (@GoingParabolic) <a href="https://twitter.com/GoingParabolic/status/1697426908521103727?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 1, 2023</a>
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<p>Market leaders such as BlackRock and Fidelity were reportedly well-prepared for this extension. According to Mike Novogratz, the CEO of Galaxy Digital, individuals “inside BlackRock and Fidelity” were already anticipating these delays.</p>
<p>They understood that the initial deadline was largely a procedural formality. In essence, they were aware that the SEC was inclined to adopt a cautious approach. While Novogratz refrained from providing specifics regarding the approval timeline, he voiced confidence that once the SEC greenlights Bitcoin Spot ETFs, fierce competition for market dominance will ensue.</p>
<p>It’s worth noting that Galaxy Digital, Novogratz’s own digital asset firm, is among those patiently waiting in the ETF queue. In June, they resubmitted their application for a spot in Bitcoin ETF, teaming up with Invesco, the fourth-largest ETF issuer in the United States.</p>
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   <p>Reminder Mike Novogratz said his sources INSIDE Blackrock and Fidelity said that they expected approvals in 4 to 6 months.<br><br>IE They knew they would be delayed and not approved at the first deadline.</p>— Lark Davis (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1697357844142817392?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 31, 2023</a>
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<p>The SEC’s decision to extend the review period occurs against a backdrop of growing criticism for its perceived reluctance toward cryptocurrency-related products. Chris Ferraro, President of Galaxy Digital, suggested that SEC approval could counteract the perception that the regulatory body impedes cryptocurrency innovation.</p>
<h2 id="grayscale-lawsuit-adds-complexity" class="wp-block-heading">Grayscale Lawsuit Adds Complexity</h2>
<p>In a related development, market analysts point to the ongoing legal dispute between Grayscale and the SEC as a potential factor affecting the approval timeline for Bitcoin Spot ETFs. Grayscale has filed a lawsuit against the SEC after the rejection of its application to transform its Bitcoin Trust into a Spot ETF. If the SEC were to lose this case, experts speculate that it could expedite the approval process for other Bitcoin Spot ETF applications.</p>
<p>In summary, it is evident that the SEC continues to approach cryptocurrency regulation with caution, as indicated by the extended review period. Moreover, industry titans like BlackRock and Fidelity demonstrated a level of foresight regarding these delays, dispelling any notions of naivety. The landscape of the cryptocurrency ETF market remains dynamic, with various factors potentially influencing its trajectory.</p>

SEC Delays Bitcoin Spot ETFs to October 17, 2023, as Predicted by Insiders

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