The US Securities and Exchange Commission (SEC) has delayed a decision on applications for BTC exchange-traded funds from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, Bitwise Asset Management, Fidelity and BlackRock.
According to SEC documents, the regulator needs more time to evaluate applications for opening a spot Bitcoin ETF. In the meantime, BitWise has withdrawn its petition.
The regulator clarified that it will need at least 45 days to decide whether to approve or reject applications. Let us remind you that the SEC has not yet given the green light to create a Bitcoin ETF for any company, citing the possibility of market manipulation and insufficient investor protection.
The regulator has a total of 240 days from the first review of applications to make a final decision on approval or refusal.
The cryptocurrency market reacted with a fall in the price of Bitcoin from $27,400 to $26,000 at the time of writing, according to Coinmarketcap data.
In July 2023, the SEC officially launched the process for reviewing applications for registration of spot Bitcoin ETFs. It is noteworthy that Bloomberg analysts estimated the probability of approval of spot Bitcoin ETFs at 75%.
