The Securities and Exchange Commission has once more postponed its verdict on the approval of all the nation's inaugural Bitcoin BTC/USD focused exchange-traded fund until October.
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 provide a platform for industry leaders and stakeholders to discuss the implications of these regulatory moves.
What Happened: The SEC has postponed its verdict on spot Bitcoin exchange-traded fund (ETF) proposals from companies like BlackRock BLK, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets until October, according to court documents released on Thursday.
Last month, the SEC initiated evaluations of these submissions from both cryptocurrency-focused and mainstream financial entities.
These firms aim to introduce the inaugural spot Bitcoin ETF, which supporters believe would simplify retail participation in the Bitcoin arena, eliminating the need for individual wallets or direct cryptocurrency purchases.
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.
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.
Meanwhile, major cryptocurrencies including Bitcoin, Ether ETH, Solana SOL/USD, Dogecoin DOGE/USD, and Shiba Inu SHIB/USD all gave up their weekly gains as investors' sentiments dampened following the delay by the SEC.
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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