The US Securities and Exchange Commission (SEC) postponed the verdict on four applications for BTC ETFs and BTC Futures ETFs and demanded another 45 days.
The SEC has postponed a decision on the BTC ETF from the Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin BTC ETF. Decisions on these applications should be notified by 21 November, 8 December, 11 December and 24 December respectively, according to the updated deadlines.
“The Commission considers it appropriate to extend the deadline for the implementation of the measures concerning the proposed changes to the rules in order to allow sufficient time to consider the proposed changes and comments,” said the SEC, which has traditionally postponed verdicts on BTC ETF applications to the last possible date. However, it has not yet granted any ETF to BTC.
There are other appearances in the game
In addition to the aforementioned requests for which it postponed the verdicts, the SEC has several others on the table. The next deadline, ie the date on which must state the final opinion without the possibility of further delay, on the application from VanEck for the traditional spot Bitcoin ETF, which is the most sought after among investors. The deadline is set for November 14.
Bloomberg analysts recently said that the first futures-based Bitcoin ETFs may be approved in October, which, according to SEC boss Gary Gensler, has a better chance of being approved than traditional spot Bitcoin ETFs because the commission can regulate them more easily.
Analysts, meanwhile, generally believe that the market is better prepared for BTC ETFs than in the past. The very nature of applicants for these funds has also changed. While in the past they were more BTC startups, today they are mostly large corporations led by management giants such as Fidelity or Stone Ridge (parent company NYDIG).
The approval of the BTC ETF is therefore more likely this year than ever before. The fact that BTC ETFs trade in Canada without any problems also plays into the cards.
Why is BTC ETF a hot topic?
BTC ETF would bring the simplest and at the same time regulated approach to institutions to invest directly in BTC without companies having to deal with its safe storage. Unlike investing through Grayscale Bitcoin Trust and BTC Futures, this type of investment would be both less expensive and easier to manage. In other words, the arrival of BTC ETFs on the US market could bring new capital to the BTC market from institutions that are interested in this cryptocurrency but have not yet invested in it due to current market conditions.