Galaxy

Bitcoin

Spot

<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" data-name="insiders-had-foreseen-the-delay" class="wp-block-heading">Insiders had Foreseen the Delay</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">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="🛑" class="wp-smiley" 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> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<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> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">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> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<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" data-name="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

Table of Contents

CoinPedia News

Další články publikované 1. 9. 2023

Microvast Holding (MVST Stock): Upside Potential of 400%

E-Commerce’s Crypto Revolution: Bridging the Gap to Mainstream Adoption

From Beta to Boom: Borroe’s 25% Surge Leaves Monero (XMR) & Stellar (XLM) Behind!

YouTuber Accidentally Reveals Seed Phrases On Livestream - Loses $60k In Crypto

PARA Stock Forecast: Market Scale in Bulls or Bears’ Hands?

Fakta Cara Kerja Burn Token Shibarium

Join our free newsletter for daily crypto updates!