US Securities and Exchange Commission (#SEC ) awaits approval of Bitcoin spot exchange-traded fund (BTC), delays decision until October
🗓 September 2, 2023
The US SEC is suspending its decision-making process to approve Bitcoin-based exchange-traded funds (#etf ) until October.
📄 New documents
In fresh filings, the regulatory agency announces it will delay its decision on numerous ETF applications from August to October, including those from financial firms Invesco, WisdomTree and Valkyrie.
🚀 Opportunities for investors
The BTC ETF will provide investors with access to the cryptocurrency asset through brokerage services, similar to access to precious metals such as gold and silver.
🗣 Analysts' opinion
James Seyffarth, a Bloomberg ETF analyst, said the delay in the decision was not a surprise. He emphasizes that mid-October will be an important period for monitoring, especially October 16th.
Previously, Bloomberg analysts expressed an opinion about a 75% probability of approval of the BTC ETF on the spot market by the end of 2023 and a 95% probability of approval by the end of 2024.
📈 Bitcoin price movement
Bitcoin price at the time of writing is $25,627, down 2.54% in the last 24 hours.
