Posted: September 1, 2023

• SEC has postponed the decision-making on the approval of Blackrock’s spot Bitcoin ETF application
  
• The next update on the application will follow in October 2023

The United States Securities and Exchanges Commission (SEC) has delayed making a decision on Blackrock’s spot Bitcoin Exchange Traded Fund (ETF) application. The company is the latest in the line of delays announced on 31 August. And, with this move, Blackrock would now have to wait till October 2023 for the SEC to reach a decision.

The investment management giant applied for a spot Bitcoin ETF on 15 June. Furthermore, Coinbase was onboarded to the plan as its custodian. The company was among the first ones to apply for a spot Bitcoin ETF this year, followed by other firms.  Moreover, the firm’s CEO – Larry Fink – claimed that a spot Bitcoin ETF would “democratize” crypto.

Notably, the Securities Commission announced that it has delayed making a verdict on all other applications. This includes Fidelity Wise Origin Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Valkyrie Bitcoin fund, VanEck Bitcoin Trust, and WisdomTree Bitcoin Trust.

Speaking about the SEC’s decision on the spot Bitcoin ETF with Bloomberg, Bitwise CEO – Matt Hougan – stated that the SEC was correct in denying the ETF 10 years ago. However, the situation has changed in today’s market with infrastructure in place, Hougan argued. He said,

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Author: Priya NV

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