The Securities and Exchange Commission (SEC) has expectedly delayed its decision on the approval of the first spot Bitcoin exchange-traded fund (ETF).
Initially set to provide a decision by Aug. 13, the formidable regulatory agency will now further solicit public opinions on ARK Investment Management's spot Bitcoin ETF.
This extension essentially defers the previously set deadline, much to the anticipation of the cryptocurrency community.
The delay was widely forecasted, especially with the original deadline of August 13 falling on a Sunday. ETF analyst James Seyffart had earlier speculated on social media that the decision would likely be announced by the end of the week and expressed strong conviction about a possible postponement.
Seyffart later updated that this was a standard delay letter from the SEC. Among the points of interest for comments from the public, the SEC has particularly highlighted the proposed Coinbase Surveillance Sharing Agreement (SSA).
As reported by U.Today, Galaxy CEO Mike Novogratz shed light on the future of spot Bitcoin ETF approvals In a recent earnings call. Citing insider information from contacts at major financial institutions BlackRock and Invesco, Novogratz expressed confidence that the approval for such ETFs is inevitable. The question, he suggests, is not about "if" but rather "when".
The crypto mogul estimates that the market could see these approvals within a timeline of four to six months.
Tomiwabold Olajide
Godfrey Benjamin
Gamza Khanzadaev
