The crypto community is eagerly awaiting the Securities and Exchange Commission’s (SEC) approval of several ETFs, including potentially the first spot Bitcoin ETF. Regarding the latter, for example, analysts have suggested that a decision should come by January 2024. The SEC has postponed its decision.
The SEC cautious about financial innovations linked to cryptos?
Twist regarding the imminent intervention of an SEC decision regarding Bitcoin ETFs. The American financial regulator has once again postponed its decision regarding the approval of the very first spot Bitcoin ETF.
The new is not in itself totally unexpected since the SEC often takes its time to rule on financial products considered revolutionary. It nevertheless prolongs the suspense despite growing speculation about imminent approval.
Furthermore, the SEC also postponed its decision regarding Hashdex. This is an asset manager who requested the SEC in September to convert its bitcoin futures ETF into a spot ETF.
While it had until November 17 to make its decision, the financial regulator indicated that its decision on this subject will wait until 2024. The American stock market watchdog did not give a date for the intervention of its decision. Ditto for its decision regarding Grayscale’s initiative to launch a new ETF on Ether (ETH) futures, also postponed.
Is the SEC Maintaining Uncertainty About Bitcoin ETFs?
It is true that for analysts, this new postponement was almost predictable given the SEC’s precedents on this type of financial issue. However, the situation does not fail to contribute to maintaining a climate of uncertainty regarding the approval of crypto ETFs in the United States.
However, this new development does not prevent the crypto market from showing resilience. For example, bitcoin (BTC) has increased in price again in the last 24 hours. Its valuation increased by 4.29%, reaching approximately $37,380.
This positive movement is not trivial. It suggests that market participants remain optimistic about the eventual approval of BTC-related financial products. This, even if the SEC extends its evaluation deadline.
In a context where the crypto ecosystem continues to evolve, players in this market should remain attentive to regulatory developments. The latter could significantly impact the trajectory of the adoption of digital assets in traditional financial markets.
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