The U.S. SEC Delays Decision on Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision on the approval of spot-based Bitcoin (BTC) exchange-traded funds (ETFs) until October. This decision affects financial firms Invesco, WisdomTree, and Valkyrie, among others.
What is a Bitcoin ETF?
A Bitcoin ETF would allow investors to gain exposure to the cryptocurrency through brokerages, similar to investing in precious metals like gold and silver.
Bloomberg ETF analyst James Seyffart states that it would have been surprising if the SEC had made its decision this week. He believes that the middle of October, specifically October 16th, will be important dates to watch for further developments. Seyffart and another Bloomberg ETF analyst, Eric Balchunas, predict a 75% chance of a spot market BTC ETF being approved by the end of 2023 and a 95% chance by the end of 2024.
Former SEC Chairman’s Opinion
Former SEC Chairman Jay Clayton believes that the approval of BTC ETFs is inevitable. He argues that Bitcoin does not qualify as a security and that financial institutions have addressed the SEC’s concerns about investor safety.
Bitcoin Price Update
At the time of writing, Bitcoin is trading at $25,627, representing a 2.54% decrease in the last 24 hours.
The SEC’s decision on spot-based Bitcoin ETFs has been delayed until October. Analysts predict a high chance of approval in the coming years, and former SEC Chairman Jay Clayton believes that BTC ETFs are inevitable. Investors will continue to monitor the situation closely.
Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor.