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The U.S. Securities and Exchange Commission (SEC) has again postponed its decision on the approval of two Bitcoin exchange-traded funds (ETFs), one from Franklin Templeton and the other from Global X.
This delay is in line with the crypto market’s expectations and underscores the SEC’s careful approach to Bitcoin ETFs. The SEC has the power to delay proposals for up to 240 days from the initial filing.
This cautious stance is evident in the SEC’s handling of other crypto ETF applications, including Hashdex’s proposal to convert its Bitcoin futures ETF into a spot ETF and Grayscale’s application for an Ethereum futures ETF.
Analysts, like those at Cantor Fitzgerald, maintain a hopeful outlook for the approval of a spot Bitcoin ETF, citing that proposed market surveillance procedures by new applicants could address the SEC’s concerns about potential manipulation on offshore spot platforms.
In summary, the SEC’s ongoing delays in approving Bitcoin ETFs reflect a broader regulatory caution, shared by industry experts. As the crypto community awaits these decisions, the SEC’s comprehensive evaluation process continues to influence the future of potential Bitcoin ETF offerings in the United States.
Written by http://FinancialPress.com Inc.
Disclaimer: This article is for informational purposes only and not financial advice. Always do your own research and consult with a financial advisor before making any investment decisions.