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In a transfer extensively anticipated by business specialists, the US Securities and Trade Fee (SEC) has introduced a delay within the assessment course of for WisdomTree’s spot Bitcoin (BTC) exchange-traded fund (ETF) utility.
Seven Bitcoin Spot ETF Purposes Stalled by SEC Delays
In accordance to James Seyffart, Bloomberg’s ETF skilled, the delay within the assessment course of could lengthen for an extra 45 days.
This delay is a part of a collection of postponements affecting a number of ETF purposes, together with these submitted by Invesco and Galaxy Digital.
Even Valkyrie Funds’ utility, which was initially due on Monday, is topic to this delay. In complete, seven ETF purposes are anticipated to expertise delays as we speak.
WisdomTree, a distinguished world exchange-traded fund supplier, had beforehand filed for a spot Bitcoin ETF utility with NYSE Arca in 2022, however with out success. Nonetheless, the agency refiled the ETF utility in July 2023.
Nonetheless, WisdomTree’s Jeremy Schwartz, the agency’s world chief funding officer, expressed optimism in regards to the present submitting.
In an interview on CNBC’s “ETF Edge,” he famous that the agency has efficiently launched merchandise in Europe, the place regulators have been extra receptive and have gained confidence available in the market infrastructure and custodial preparations.
The Securities and Trade Fee (SEC) had beforehand rejected WisdomTree’s purposes in 2021 and 2022, citing issues about investor safety and the general public curiosity.
Schwartz hopes that the modifications made within the up to date submitting will tackle the SEC’s issues, together with implementing information sharing agreements, surveillance mechanisms, and new approaches to mitigate market manipulation dangers.
WisdomTree’s goal is to introduce a spot Bitcoin ETF, permitting traders to realize publicity to Bitcoin’s value actions with out straight proudly owning the cryptocurrency.
The delay within the SEC’s utility assessment highlights the cautious stance the regulatory physique takes in direction of cryptocurrency-related monetary merchandise, reflecting its ongoing efforts to manage and oversee the nascent business.
Because the cryptocurrency business and funding panorama proceed to evolve, market members eagerly anticipate the SEC’s last choice on WisdomTree’s spot Bitcoin ETF utility, in addition to the outcomes of different pending purposes.
The result of those deliberations will undoubtedly have a major influence on the broader cryptocurrency ecosystem and the supply of regulated funding automobiles for Bitcoin and different digital belongings.
Nonetheless, Bitcoin has remained in a persistent downtrend, unable to maintain its place above the $27,000 mark, regardless of briefly reaching a excessive of $27,500 on Wednesday.
Presently, Bitcoin has retraced as soon as once more to the consolidation stage simply above $26,100, experiencing a decline of over 4% previously 24 hours. Moreover, over the previous 30 days, BTC has persistently traded downwards, accumulating losses of greater than 10% throughout this time-frame.
Featured picture from iStock, chart from TradingView.com
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