The US Securities and Exchange Commission (SEC) is postponing its decision on approving spot-based Bitcoin (BTC) exchange traded funds (ETFs) until October.
In new filings, the regulator announces that it will postpone its decision to approve or reject numerous offers to create BTC ETFs, including those from financial firms Invesco, WisdomTree and Valkyrie, from August to October.
A Bitcoin ETF would give investors access to the crypto asset through brokerages, similar to precious metals like gold and silver.
The move comes as no surprise to Bloomberg ETF analyst James Seyffart says It would have been shocking if the SEC had actually made its decision this week.
“Mid-October will be the next big days to watch. Namely on October 16th. We would also like to remind you that we certainly expected delays in this round of spots [market] Bitcoin ETF Signups. It would have been a shock if they had been approved this week.”
Earlier this week, Seyffart and another ETF analyst from Bloomberg, Eric Balchunas, said the probability of a spot market BTC ETF being approved by the end of 2023 is 75% and the probability of it being approved by the end of 2024 95% is .
Although the decision has been delayed, former SEC Chairman Jay Clayton recently said that the approval of BTC ETFs was “inevitable” because it was obvious that Bitcoin did not qualify as a security and the SEC’s concerns about investor safety financial institutions were taken into account.
At the time of writing, Bitcoin is trading at $25,627, down 2.54% in the last 24 hours.
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