US SEC postpones ruling on 6 spot Bitcoin ETF applications

The United States Securities and Exchange Commission (SEC) has postponed its ruling on six spot Bitcoin exchange-traded fund (ETF) applications from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, Fidelity, and BlackRock.

In a filing on Aug. 31, the regulator said they will be taking another 45 days to consider the proposed rule changes.

That means they have until October 2023 to approve, deny, or announce a delay of the decision.

This postponement follows reports suggesting that the SEC might consider applications with surveillance-sharing agreements, prompting several firms to resubmit their applications.

Additionally, it comes after speculation by Bloomberg analysts Eric Balchunas and James Seyffart that a spot Bitcoin ETF might be approved in the US following this week’s court ruling favoring Grayscale’s appeal.

You might also like: Analysts: chance of SEC approving spot Bitcoin ETF in 2024 is at 95%

Excluded from this determination is Bitwise’s Bitcoin investment product, for which the agency is expected to provide an update by Sep. 1.

The Bitwise CEO has since taken to X, formerly Twitter, to say it is time to move forward with a Bitcoin ETF after a 10-year wait.

Lately, news related to Bitcoin ETF applications has sparked market volatility.

For instance, shortly after the Grayscale’s ruling, Bitcoin’s trading volume surged by 44% in response to the perceived institutional interest.

Subsequently, over 37,680 BTC were withdrawn from exchanges, with this action thought to be users capitalizing on short-term gains.

Read more: Grayscale’s Bitcoin ETF optimism bolsters crypto market sentiment
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Bitcoin Price Prediction as the Coin Corrects to $25.8k After Traders Withdrew $100 Million in BTC from Binance

Image
Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin price saw another dip over the weekend, similar to the one on May 5th. After a brief recovery between May 7th, BTC first dropped to $26.4k, where it remained for the rest of last week, until Saturday, when it crashed to a support at $25.8k, finally dropping below $26,000 once more. Since the drop, the price has been mostly stable, although Bitcoin trading sideways typically does not last. The big question now is whether the price is going to recover again or break the support and continue the drop. Experts believe that BTC might see a potential bullish rally of about +20-25% if the coin maintains its position above the trendline and successfully breaks out from the wedge to the upside. However, a bearish rally toward $21.5k is just as possible if the current support breaks. Others have argued that BTC needs to see $23k and $25k for future gain. The price came too close to the channel suppo
Read more

XRP Could Reach $10,000 For Its Role in CBDCs, Predicts Analyst

Image
Ripple announced a private XRP ledger (XRPL) in 2021 for CBDCs leveraging blockchain technology. The development makes cryptocurrencies “be leveraged as a neutral bridge asset for frictionless value movement between CBDCs and other currencies,” said the company. Around 130 countries around the world are looking to launch CBDCs, touting them as the future of all transactions. 98% of the world is exploring CBDC options, and XRP could gain big if they incorporate their ledger technology with other nations. Also Read: U.S. & European Union React to BRICS Expansion Taking this into consideration, pseudonymous cryptocurrency analyst Bitforcoinz predicted that Ripple ’s integration with CBDCs could catapult the XRP price to new highs. According to the price prediction, XRP could touch $10,000 if it powers CBDCs in all countries that explore digital currencies. #XRP was designed to settle CBDC's! There are not enough XRPz out there to brige all the money at a price of $10
Read more

Binance US chief the latest exec to leave amid regulatory troubles

Brian Shroder, the chief exec of Binance US , has stepped down and been temporarily replaced by chief legal officer Norman Reed, as the firm cuts one-third of its employees amid mounting regulatory scrutiny. Shroder’s departure comes hot on the heels of other Binance top executives leaving, including head of Eastern Europe and Russia, Gleb Kostarev, and global head of product, Mayur Kamat. The global crypto exchange is embroiled in numerous regulatory crackdowns and investigations by the US Commodity Futures Trading Commission (CFTC), Justice Department, and Securities and Exchange Commission (SEC), into money laundering, mishandling customer funds, ignoring sanctions, and more. Binance US has also decided to cut another round of employees, this time more than 100 people. A spokesperson said in a statement that the move was a direct result of regulatory pressure in the US. “The actions we are taking today provide Binance.US with more than seven years of financial runway and enab
Read more