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The United States Securities and Exchange Commission (SEC) has deferred its decisions regarding five applications for spot Bitcoin exchange-traded funds (ETFs).
As per SEC filings dated Aug. 31, the commission has allocated an extended timeframe to review spot Bitcoin (BTC) ETF applications from WisdomTree, VanEck, Invesco Galaxy, and Valkyrie, along with the Wise Origin Bitcoin Trust proposed by Fidelity. The SEC will have an additional 45 days following publication in the Federal Register to evaluate the proposed rule modifications that would permit the listing of these investment vehicles, allowing the regulator until October to approve, reject, or further postpone a decision.
The postponements came after speculation that the SEC might authorize a spot Bitcoin ETF in the U.S. for the first time, following the commission’s loss in a significant court case initiated by asset manager Grayscale. An appellate court determined on Aug. 29 that the SEC must reassess Grayscale’s request to convert its Bitcoin Trust into an ETF, prompting many analysts to indicate that the likelihood of approval for at least one spot crypto ETF had notably increased.
JUST IN: SEC is opting to delay (as expected) on spot bitcoin ETF deadlines pic.twitter.com/W4JjOji6L2
— Eric Balchunas (@EricBalchunas) August 31, 2023
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WisdomTree’s Bitcoin ETF proposal did not receive the SEC’s endorsement following a 2021 filing. However, after BlackRock entered the competition for spot Bitcoin ETFs, WisdomTree refiled its application. In July, following indications that the SEC would be more receptive to ETF applications that include a surveillance-sharing agreement, several firms refiled, designating crypto exchange Coinbase as a partner.
WisdomTree, Valkyrie, Fidelity, VanEck, and Invesco are among the numerous firms with crypto ETF applications pending with the SEC, which also includes BlackRock, ARK Invest, and Bitwise Asset Management. The deadline for the SEC to make a decision or delay regarding Bitwise’s BTC investment vehicle is Sept. 1, suggesting that the commission is likely to announce its decision soon.
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Update (Aug. 31 at 8:25 PM UTC): This article has been revised to indicate that the SEC also postponed its decision on Fidelity’s Wise Origin Bitcoin Trust and the ETF proposal from VanEck.
