The United States Securities and Exchange Commission (SEC) has postponed announcing the outcomes for the seven leading applicants seeking to launch a Bitcoin ETF in the US.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” a filing states.
SEC Pushes Back Bitcoin ETF Decision Another 45 Days
In an August 31 filing, the SEC stated that it requires extra time to review the proposed rule change for allowing the listing and trading of spot Bitcoin ETFs on the stock exchange. This delay applies to all seven applicants including BlackRock, VanEck, WiseOrigin, Invesco Galaxy, WisdomTree, Bitwise, and Valkyrie Digital Assets.
Although the proposed rule change was published on July 19 for public input, the SEC has stayed within the 45-day response period. It has now decided to exercise its option for an additional 45-day extension, pushing the decision date to October 17. Still, the decision might not be as clear-cut:
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates October 19, 2023, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
This is a developing story and more information will be available as it becomes available.
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