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SEC Delays Decision on First US Bitcoin Spot ETF Until 2024
According to Bloomberg, the US Securities and Exchange Commission (SEC) has once again postponed its decision on whether to approve the first US exchange-traded fund (ETF) that invests directly in Bitcoin. The primary US securities regulator deferred a filing from Hashdex to convert its existing Bitcoin futures ETF into a spot fund. The SEC had until November 17 to respond to the crypto asset manager's application, which was filed in September. The regulator has now delayed the decision until 2024, a move they have already made for several other ETF hopefuls.
The SEC's decision to delay is not surprising, as the regulator frequently takes its time on decisions like this. The SEC has also been cautious about approving Bitcoin ETFs due to concerns about market manipulation and investor protection. Despite the delay, Bitcoin's value increased by 5.8% to $37,661 as of 3:14 p.m. in New York.
The SEC's decision to delay is not surprising, as the regulator frequently takes its time on decisions like this. The SEC has also been cautious about approving Bitcoin ETFs due to concerns about market manipulation and investor protection. Despite the delay, Bitcoin's value increased by 5.8% to $37,661 as of 3:14 p.m. in New York.
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