The U.S. Securities and Exchange Commission (SEC) has once more postponed its verdict on the approval of the nation’s inaugural Bitcoin (CRYPTO: BTC) focused exchange-traded fund (ETF).
The move leaves industry proponents perplexed, especially in light of a recent court judgment that many believed would pave the way for this anticipated financial instrument.
The upcoming Benzinga’s Future of Digital Assets event will certainly provide a platform for industry leaders and stakeholders to discuss and dissect the implications of these regulatory decisions.
What Happened: The SEC’s decision to hold off on green-lighting filings from major players like Invesco, Valkyrie, Fidelity, and WisdomTree was disclosed on its official website this Thursday.
SEC chair Gary Gensler has been vocal about his reservations, emphasizing that the delay is in line with the agency’s commitment to safeguarding investors from sectors susceptible to fraudulent activities.
This development follows closely on the heels of Grayscale Investments’ triumph against the SEC. A federal court recently reversed the SEC’s previous dismissal of Grayscale’s bid to morph its Bitcoin trust into an ETF.
The SEC’s upcoming agenda includes reviewing an application from Bitwise by the close of this week and subsequently assessing submissions from financial giants BlackRock (NYSE:BLK) and VanEck.
This isn’t the first time the SEC has played the waiting game.
On Aug. 11, the regulatory body deferred its decision on a proposal from 21Shares and ARK Investment Management.
Why It Matters: This year witnessed filings from Wall Street juggernauts like BlackRock, Invesco, and Fidelity.
Such moves led some market analysts to speculate that the SEC might finally be warming up to the idea of a Bitcoin fund.
In light of these developments, the upcoming Benzinga’s Future of Digital Assets conference is expected to delve deep into the SEC’s stance and the future trajectory of Bitcoin ETFs.
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