SEC Stuns Crypto World with SHOCKING Decision on Bitcoin ETFs! Is This the END for Crypto Investors? 📉💥
- The United States Securities and Exchange Commission (SEC) has decided to postpone making a decision about the first spot Bitcoin exchange-traded fund (ETF) as well as six other ETF proposals, including those from BlackRock, WisdomTree, VanEck, Valkyrie, Bitwise, and others.
- As a result of the delay, the SEC’s consideration period will be extended by an additional 45 days following publication in the Federal Register. The commission is slated to make its next judgment on October 17.
- Gary Gensler, the chair of the SEC, has voiced his concerns regarding ETFs in the cryptocurrency industry, noting the necessity of safeguarding investors from the possibility of fraud.
- The ruling was made when a federal appeals court reversed the SEC’s rejection of Grayscale Investments’ attempt to convert its Bitcoin trust into an ETF. The appeals court described the SEC’s denial as being “arbitrary and capricious.”
- As a result of the delay imposed by the SEC, the price of Bitcoin dropped by more than 4.66% to a level lower than $26,000, wiping out the gains achieved after Grayscale’s triumph.
- According to researchers from Bloomberg, there is a 75% possibility that a spot Bitcoin ETF will reach the market in the United States in 2023, and the probability will increase to 95% by the end of 2024.
- The introduction of a spot Bitcoin exchange-traded fund (ETF) is seen by proponents of cryptocurrencies as a move toward the industry’s development and would facilitate easier access to cryptocurrencies for money managers.
- The launch of a spot Bitcoin exchange-traded fund (ETF) has the potential to attract institutional investments in the market that are valued in the billions of dollars.