Although
the cryptocurrency market has significantly developed over the past few years,
the Securities and Exchange Commission (SEC) still uses the same tactics it
employed almost five years ago. The institution has once again postponed its
decision on approving spot Bitcoin exchange-traded funds (ETFs). Even the
recent court ruling challenging its position has not changed the institution’s
stance.
Initially
scheduled for next week, the new decision dates for applications from Invesco,
WisdomTree, and Valkyrie have been extended to mid-October. This development
comes close to a federal appeals court ruling, which ordered the SEC to
reconsider an application from Grayscale Investments for a similar product.
Two days before
the SEC’s announcement, a federal appeals court ruled that the agency was
incorrect in denying Grayscale Investments the opportunity to establish a spot
Bitcoin ETF. The District of Columbia Court of Appeals has now mandated the SEC
to reevaluate Grayscale’s application. While the regulatory body reviews the
court’s decision, there’s no guarantee that its final judgment will favor
Grayscale.
JUST IN: SEC is opting to delay (as expected) on spot bitcoin ETF deadlines pic.twitter.com/W4JjOji6L2
— Eric Balchunas (@EricBalchunas) August 31, 2023
Over recent
years, the SEC has dismissed numerous applications for spot Bitcoin ETFs. The
regulatory body cites insufficient trading surveillance, which they argue could
expose the underlying Bitcoin
