In spite of strong calls from United States Representatives Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres for the immediate approval of spot Bitcoin exchange-traded funds (ETFs, the Securities and Exchange Commission (SEC) has once again deferred its decision.
Regarding spot Ether ETFs proposed by VanEck and ARK 21Shares, the SEC has pushed back its determinations to December 25 and January 10, respectively. GlobalX will have to wait until November 21 for the SEC’s decision on their proposal. Moreover, the SEC has also postponed its verdict on the spot Bitcoin ETF applications submitted by Invesco, Bitwise, and Valkyrie until mid-January.
The latest round of delays has occurred two weeks earlier than the originally scheduled second deadline for many applicants. These applicants had anticipated hearing from the securities regulator between October 16 and 19. The timing of these delays might be linked to the narrowly avoided U.S. government shutdown, which could have caused disruptions in the operations of the country’s financial regulators and other federal agencies.
Bitwise Asset Management has responded to the delay of its spot Bitcoin ETF by submitting an amended application that addresses the SEC’s concerns about the product. In their revised application, Bitwise delves into what the SEC has referred to as the “mixed” or “inconclusive” academic research regarding the relationship between BTC futures and spot markets.
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