The SEC is delaying a decision on multiple Spot Bitcoin ETF applications, including Valkyrie, WisdomTree, and Invesco. The US securities regulator was expected to delay a decision on most of the pending Bitcoin ETF applications after a US court overturned the SEC blocking Grayscale’s application earlier this week.
The SEC has yet to allow any Spot Bitcoin ETF to come to market. The filings say it would delay its ruling on the proposals by at least another 45 days. “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” documents said in response to the three proposals.
The SEC has until September 1 to address an application by Bitwise. The regulator will also need to decide on filings from BlackRock, VanEck, and Fidelity soon. However, likely, those will also be delayed, as it’s predicted the SEC will appeal the Washington court’s decision on Grayscale’s application.
That decision this week shot Bitcoin up in price, and it is up by over 50% in 2023. Some experts believe that ultimately, all of the pending Spot Bitcoin ETF applications will be approved. But, under Gary Gensler, likely, the SEC won’t do that without a fight.