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- SEC Delayed Decision on Approving Blackrock’s Spot Bitcoin ETF Application
- The next update on the application will follow in October 2023
The US Securities and Exchanges Commission [SEC] has delayed making a decision about Blackrock’s Bitcoin Exchange Traded Fund [ETF] application. The company is the latest in the series of delays announced today. And with this move, Blackrock would now have to wait until October 2023 for the SEC to make a decision.
The investment management giant filed for a spot Bitcoin ETF on June 15, with Coinbase joining the plan as a custodian. The company was one of the first to apply for a spot Bitcoin ETF this year, followed by other companies. In addition, the company’s CEO – Larry Fink – claimed that a Bitcoin ETF mockery would “democratize” crypto.
Notably, the Securities Commission has announced that it has deferred judgment on all other filings. 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 right in denying the ETF 10 years ago. However, the situation has changed in today’s market, where the infrastructure is in place, Hougan argued. He said,
“The industry was not ready for it yet. The institutions were not ready for it. The infrastructure was not ready yet. But I think today it is and it’s time for us to move on.”
SEC Chairman Gary Gensler is in trouble?
Notably, the SEC has delayed its decision, even as significant criticism has been leveled at the committee’s chairman, Gary Gensler. The SEC has suffered two significant losses against the crypto companies under his leadership. The first was the partial victory of Ripple, a leading crypto company charged by the commission for distributing XRP. The second was the Grayscale lawsuit against the commission for rejecting its mock Bitcoin ETF.
The story is still developing…