Invesco, Bitwise and Valkyrie were also hit with delays by the U.S. Securities and Exchange Commission. 16150 Total views 38 Total shares Listen to article 0:00 News Join us on social networksThe United States Securities and Exchange Commission has delayed its decision on several proposals for spot Bitcoin (BTC) exchange-traded funds (ETFs), includingBlackRock,ahead of an anticipated government shutdown.
The spot Bitcoin ETF applications ofInvesco, Bitwise and Valkyriewere also delayed by the SEC, according to separate Sept. 28 filings, whileBloomberg ETF analyst James Seyffart is expecting the applications from Fidelity, VanEck and WidsomTree to also be pushed back by the securities regulator.
ANOTHER: @BlackRock joins the party on spot #Bitcoin ETF delays. Three out of seven down. https://t.co/Cn9DSibqf8 pic.twitter.com/eJTzDNInCi James Seyffart (@JSeyff) September 28, 2023
The latest delays came two weeks earlier than the scheduled second deadline date for many applicants, who had been expecting to hear from the securities regulator by Oct. 1619.
Seyffart said the timing of the delays is related to the expected U.S. government shutdown potentially taking place on Oct. 1, which will disrupt the country’s financial regulators and other federal agencies.
Both chambers of Congress the House and Senate havent agreed on various funding bills to finance government operations andCongress needs to pass 12 separate full-year funding bills by Oct. 1 to avoid a shutdown.
The SEC delayed a bundle of spot Bitcoin ETF applicants in late August when the first deadline was approaching.
Meanwhile, the third set of deadlines for the seven firms is around mid-January, and they could also be delayed. The SEC will have to make a final decision by mid-March at the very latest.
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In late August, Bloomberg ETF analyst Eric Balchunas estimated that the probability of a spot Bitcoin ETF being approved by the end of 2023 had increased to 75% (from an earlier 65%).
He cited the unanimity and decisiveness at which the U.S. Court of Appeals Circuit reached its decision in Grayscales court win over the SEC as the main reason behind the odds increasing.
Balchunas further raised those odds to 95% by the end of 2024.
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