The US Securities and Exchange Commission (SEC) has once again delayed its decision on the approval of the first-ever US exchange-traded fund (ETF) directly invested in Bitcoin. Speculation has been rife that the much-anticipated approval is imminent, but the SEC’s deferral has left the crypto community awaiting a conclusive verdict.
The regulatory body deferred a crucial decision on a filing from Hashdex, seeking to transform its existing Bitcoin futures ETF into a spot fund. The SEC, which had until November 17 to respond to Hashdex’s application filed in September, has opted to prolong the decision-making process until 2024. This delay mirrors similar extensions granted to other ETF hopefuls in the past.
James Seyffart, an ETF analyst with Bloomberg Intelligence, commented on the situation, stating, “It’s really not that surprising, the SEC goes early on decisions like this fairly frequently.”
In addition to the Bitcoin ETF deferral, the SEC has also postponed action on Grayscale’s proposal to launch a new Ether futures ETF. These delays signal a cautious approach by the SEC in navigating the complexities of cryptocurrency investments within the traditional financial framework. Investors and industry watchers will be closely monitoring developments as the regulatory landscape continues to evolve.
