Posted: September 29, 2023

• The US SEC delayed making a decision on multiple spot Bitcoin ETF applications again
• The decision comes a day after Gary Gensler’s grilling in the congressional hearing

The United States Securities and Exchanges Commission (SEC) has once again moved to delay its decision on spot Bitcoin ETFs. The applications affected this time around belong to Blackrock, an investment management giant. Additionally, the move has also delayed the crypto plans of Invesco, Valkyrie, and Bitwise.

Read Bitcoin’s [BTC] Price Prediction 2023-24

Most of these firms had filed for a spot Bitcoin ETF in June 2023. The first decision to delay the ETF was made in late August 2023. In its latest decision, the SEC said,

“The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act to determine whether the proposed rule change should be approved or disapproved (…) Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”

SEC Chairman gets grilled at Congressional hearing

The latest decision came a day after the SEC Chairman – Gary Gensler – was grilled at a US Congressional hearing. During the event that took place on Wednesday (27 September), Gensler continued to hold ground on his pessimistic stance on the crypto market.

The SEC head also criticized crypto companies for their way of handling customer funds, claiming that commingling of funds was “a recipe that’s not to led good results”.