The US Securities and Exchange Commission (SEC) has once again delayed the approval for a set of Bitcoin spot exchange-traded fund (ETF) applications. The SEC has delayed the response for GlobalX’s ETF application, which was initially due on October 7, as well as the Ark/21Shares ETF application, which was due on November 11. The SEC has set January 10, 2024, as the final deadline for approving or disapproving Ark’s application. This latest delay follows previous delays in August and September, affecting applications from various competitors including BlackRock.
The delay comes shortly after a group of congressmen expressed their support for Bitcoin ETFs and urged the SEC chair to not discriminate against spot Bitcoin ETFs. Grayscale’s recent legal victory against the SEC has raised hopes among investors that the agency may reconsider its stance and approve a spot ETF. However, Bloomberg ETF analyst James Seyffart believes that the recent delays have dashed hopes of approval by the end of the year.
Bitwise, another participant in the Bitcoin ETF race, has filed an amendment to its application, presenting new arguments against the SEC’s case for denying spot ETFs. It remains to be seen how the SEC will respond to these arguments and whether it will ultimately approve or appeal the court’s decision regarding spot Bitcoin ETFs.