The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on whether to approve the country’s first spot Bitcoin exchange-traded fund. Documents released on Nov. 17, reveal that the regulator has deferred decisions on filings from Franklin and Globe X.
This deferral follows delays for other applicants, as both companies submitted their initial applications later than some of their competitors.
The postponement of decisions on these two spot Bitcoin ETF applications, Franklin and Globe X Bitcoin Trust, contributes to the prevailing uncertainty regarding the approval of such crypto-based investment products.
This development comes amid increased interest in cryptocurrency-based ETFs, exemplified by Fidelity Investments’ recent filing to list its Ethereum spot Exchange Traded Fund (ETF) product with the SEC.
Meanwhile, BitGo CEO Mike Belshe anticipates more challenges for the approval of spot Bitcoin ETFs in the United States, pointing to unresolved market structure issues as a significant hurdle.
Crypto bulls regaining momentum
Grayscale’s recent legal victory against the SEC in its quest for spot BTC ETF glory, has caused notable market shifts, fostering optimism for Bitcoin and altcoins.
The court’s decision has particularly boosted Ripple‘s XRP, triggering a significant 6% surge post-ruling. Observers have argued that Grayscale’s triumph sets the stage for a potential breakthrough in the creation of the first spot Bitcoin ETF in the U.S.
The court ruling emphasized the SEC’s inability to justify its disparate treatment of Bitcoin futures ETFs and spot
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Author: Ogwu Osaemezu Emmanuel
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