The U.S. Securities and Exchange Commission (SEC) has announced a delay in deciding on the Bitcoin and Ether exchange-traded fund (ETF) applications from Hashdex and Grayscale. The SEC has deferred the decision to 2024, citing the need for more time to review the applications.
This delay has implications for the launch of spot Bitcoin ETFs in the U.S., as well as the introduction of futures ETFs on Ethereum. The decision to postpone these applications has attracted attention from the crypto community, as the launch of these tools is expected to attract institutional investors to the market.
The SEC's decision to delay the approval of these ETFs comes at a time when there is heightened anticipation for the approval of spot Bitcoin ETFs by the federal regulator. It is worth noting that the SEC has previously rejected every attempt to list such a product for the general investing public. The delays in decision-making do not seem to have significantly impacted the price of Bitcoin, which has seen an increase of more than 5% following the announcement.
In addition to the applications from Hashdex and Grayscale, Franklin Templeton also faces a November 17 deadline for its Bitcoin ETF application. Furthermore, the Nasdaq exchange has placed an application for an Ethereum ETF proposed by BlackRock, indicating a growing interest in ETFs related to cryptocurrencies.
