US SEC postpones ruling on 6 spot Bitcoin ETF applications

The United States Securities and Exchange Commission (SEC) has postponed its ruling on six spot Bitcoin exchange-traded fund (ETF) applications from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, Fidelity, and BlackRock.

In a filing on Aug. 31, the regulator said they will be taking another 45 days to consider the proposed rule changes.

That means they have until October 2023 to approve, deny, or announce a delay of the decision.

This postponement follows reports suggesting that the SEC might consider applications with surveillance-sharing agreements, prompting several firms to resubmit their applications.

Additionally, it comes after speculation by Bloomberg analysts Eric Balchunas and James Seyffart that a spot Bitcoin ETF might be approved in the US following this week’s court ruling favoring Grayscale’s appeal.

Excluded from this determination is Bitwise’s Bitcoin investment product, for which the agency is expected to provide an update by Sep. 1.

The Bitwise CEO has since taken to X, formerly Twitter, to say it is time to move forward with a Bitcoin ETF after a 10-year wait.

Lately, news related to Bitcoin ETF applications has sparked market volatility.

For instance, shortly after the Grayscale’s ruling, Bitcoin’s trading volume surged by 44% in response to the perceived institutional interest.

Subsequently, over 37,680 BTC were withdrawn from exchanges, with this action thought to be users capitalizing on short-term gains.