The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision-making process for seven Bitcoin exchange-traded fund (ETF) proposals, which include applications from prominent firms like BlackRock, Fidelity, VanEck, and WisdomTree.
The SEC extended the deadlines for these proposals to October 17, with some exceptions. The regulatory body cited the need for additional time to thoroughly review the proposed rule changes and address any concerns, with the WisdomTree proposal requiring extra consideration.
The SEC has been cautious in approving spot Bitcoin ETFs due to concerns related to potential fraud and market manipulation. Market analysts had already anticipated these delays, suspecting that the SEC might issue decisions on all the pending funds at once.
Additionally, the SEC extended the decision timeline for a similar fund proposed by ARK Invest and 21Shares, requesting additional written comments and further prolonging the process. These developments come after a recent court ruling in favor of Grayscale Investments, suggesting that the SEC may need to re-evaluate its approach to spot Bitcoin funds.
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