BlackRock Bitcoin spot ETF delayed again! Will the SEC push back all approvals before the US government shutdown?
The U.S. Securities and Exchange Commission (SEC) said on Thursday that it is initiating additional procedures to determine whether to approve or disapprove the proposed Valkyrie Bitcoin spot ETF. Similar Bitcoin spot ETFs proposed by BlackRock's Bitwise, and Invesco have also been delayed.
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Eight Bitcoin Spot ETFs Delayed Five of Them
Bloomberg ETF analyst James Seyffart stated that the SEC has decided to delay the Bitcoin spot ETFs from Valkyrie, Bitwise, Invesco, and BlackRock. Following the previous delay of the Bitcoin ETFs submitted by Ark Investment and 21Shares a few days ago, this second batch of delays is expected to be announced by the SEC tonight, just before the U.S. government shutdown, according to James Seyffart.
Okay. Guessing the SEC is done for the night. We're expecting the other 3 #bitcoin ETF delay orders tomorrow before the government shut down. Firms remaining are @WisdomTreeFunds, @vaneck_us, and @Fidelity https://t.co/mS71wsZZDU pic.twitter.com/qcQdBUGEb5
— James Seyffart (@JSeyff) September 28, 2023
SEC once again delays the review time for the ARK 21Shares Bitcoin ETF, legislators urge Gensler to approve the Bitcoin spot ETF immediately.
SEC's Questions on Bitcoin Spot ETFs
In the SEC's announcement document, they are seeking comments on the following:
- Whether the exchange's proposal can prevent fraud and manipulation practices?
- The general perception of Bitcoin market liquidity and transparency, as well as the market's sensitivity to manipulation?
- Whether the surveillance sharing agreement with the cryptocurrency exchange Coinbase helps in "detecting, investigating, and preventing fraud and manipulation"?
Commenters have 21 days to submit written materials, views, and arguments, followed by a 35-day rebuttal period, which means the approval process will be delayed for at least a few more months.
The Remaining Three Bitcoin Spot ETFs Results to Be Announced Soon
According to Bloomberg's estimated timeline, all ETFs will be postponed to mid-January next year for the next review, and the results of the remaining three, Wise Origin Bitcoin Trust in partnership with Fidelity, WisdomTree Bitcoin Trust, and VanEck Bitcoin Trust, will also be announced shortly.
