Sec Continues To Postpone Etf Applications

SEC Continues to Postpone Decisions on ETF Applications, Shifting Attention to 2024

The U.S. Securities and Exchange Commission (SEC) has announced the postponement of its decisions on three ETF applications.

Firstly, the regulator extended the deadline for Hashdex's "Hashdex Nasdaq Ethereum ETF" application to January 1, 2024. Simultaneously, the SEC also delayed two spot Bitcoin ETF applications, aligning with market expectations.

The SEC deferred Global X's spot Bitcoin ETF application, approaching the previously anticipated final decision date of November 21. Bloomberg ETF analyst James Seyffart indicated that a decision on Global X's application is likely to be announced towards the end of December.

UPDATE: @GlobalXETFs spot #Bitcoin ETF 19b-4 has been delayed *as expected*. This one wasn't due till Nov 21. Comment period should begin and last at least 35 days on this application. pic.twitter.com/E5xsrd3Shh

— James Seyffart (@JSeyff) November 17, 2023

Today, the highly anticipated postponed ETF application is the spot Bitcoin ETF application by Franklin. Contrary to expectations, the regulator announced the postponement of the decision on Franklin's application, stating that it would not disclose the result until the deadline of November 17.

UPDATE: There it is. Franklin #Bitcoin ETF officially delayed *as expected*. pic.twitter.com/mncRibrwU7

— James Seyffart (@JSeyff) November 17, 2023

Community Still Hopeful: Postponement of SEC's ETF Decisions Doesn't Deter Enthusiasm

Despite the recent announcements of ETF decisions, the crypto community continues to remain hopeful for a potential ETF approval. The majority of analysts believe that a possible ETF approval could happen in January 2024.

Bloomberg ETF analyst James Seyffart mentioned in a recent post that there is a 90% probability of SEC approving a potential spot Bitcoin ETF. This is perceived as a potential positive development in the eyes of the crypto community.

The fact that Grayscale won its case against the SEC regarding GBTC is considered one of the key reasons for the community's optimism about ETFs. Such legal developments lead to speculation about a potential shift in the regulator's perspective on cryptocurrencies.

During this process, the crypto community, while awaiting the SEC's decision, continues to hold onto hopes for a possible ETF approval in the future.