{"id":33385,"date":"2023-11-29T11:52:51","date_gmt":"2023-11-29T15:52:51","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33385"},"modified":"2023-11-29T11:52:51","modified_gmt":"2023-11-29T15:52:51","slug":"bitcoin-spot-etf-sec-delays-fail-to-stop-btc-as-price-clears-38000","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/29\/bitcoin-spot-etf-sec-delays-fail-to-stop-btc-as-price-clears-38000\/","title":{"rendered":"Bitcoin Spot ETF: SEC Delays Fail To Stop BTC As Price Clears $38,000"},"content":{"rendered":"

The Securities and Exchange Commission\u2019s<\/a> (SEC) latest decision wasn\u2019t enough to hold back the foremost cryptocurrency, Bitcoin<\/a>. The cryptocurrency crossed $38,000 even on the back of the SEC\u2019s move to delay two Spot Bitcoin ETFs<\/a>.\u00a0<\/p>\n

SEC Delays Templeton And Hashdex Bitcoin Spot ETF<\/h2>\n

On November 28, the SEC delayed its decision on Templeton<\/a> and Hashdex\u2019s<\/a> Spot Bitcoin ETF application. As part of the announcement, the Commission also invited comments on what has been its major concern up till now: the issue of fraud and manipulation<\/a> and whether or not the surveillance agreements in place can help curb that.\u00a0\u00a0<\/p>\n

Despite this development, the crypto market seemed unperturbed as Bitcoin crossed $38,000, and altcoins also posted some gains. This would come as a surprise to many, considering that the latest momentum in the market has been attributed majorly<\/a> to the possibility of a Spot Bitcoin ETF approval<\/a>.<\/p>\n

A plausible explanation could be the fact that investors are certain that approval is imminent<\/a>, irrespective of the actions of the Commission. This is evident in the fact that institutional money keeps flowing into the crypto market. CoinShare\u2019s latest report<\/a> showed that the crypto market, last week, saw its largest weekly inflow since late 2021.\u00a0<\/p>\n

Meanwhile, the SEC\u2019s latest delay is an interesting one, considering that a decision on both applications wasn\u2019t due until January 1, 2024. This has led to several speculations as to whether or not this move still means that approval is on the horizon.\u00a0<\/p>\n\n

SEC\u2019s Latest Delay May Be A Good Sign<\/h2>\n

In a post<\/a> shared on his X (formerly Twitter) platform, Bloomberg analyst James Seyffart<\/a> questioned the SEC\u2019s actions and what it could mean for a potential approval. He reasoned that the SEC\u2019s decision could be setting things up for a \u201cfull wave of approvals\u201d in early January. The analyst had previously put the likelihood<\/a> of an approval in January 2024 at 90%.\u00a0\u00a0<\/p>\n

He further stated that the delay on Hashdex\u2019s application (Hashdex\u2019s announcement came shortly after Templeton\u2019s) confirmed his reasoning. He believes that the SEC is moving to set up all applicants for potential approval by January 10, 2024. He quickly noted that these approvals would be for the 19b-4 and didn\u2019t necessarily mean an immediate launch.\u00a0<\/p>\n

Scott Johnsson<\/a>, a notable attorney from Davis Polk, also shared the same sentiments as Seyffart. He stated<\/a> that the SEC might have chosen to delay these applications early so that the comment period could end before January 10, 2024. That way, they can approve all applications at the same time.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The Securities and Exchange Commission\u2019s<\/a> (SEC) latest decision wasn\u2019t enough to hold back the foremost cryptocurrency, Bitcoin<\/a>. The cryptocurrency crossed $38,000 even on the back of the SEC\u2019s move to delay two Spot Bitcoin ETFs<\/a>.\u00a0<\/p>\n

SEC Delays Templeton And Hashdex Bitcoin Spot ETF<\/h2>\n

On November 28, the SEC delayed its decision on Templeton<\/a> and Hashdex\u2019s<\/a> Spot Bitcoin ETF application. As part of the announcement, the Commission also invited comments on what has been its major concern up till now: the issue of fraud and manipulation<\/a> and whether or not the surveillance agreements in place can help curb that.\u00a0\u00a0<\/p>\n

Despite this development, the crypto market seemed unperturbed as Bitcoin crossed $38,000, and altcoins also posted some gains. This would come as a surprise to many, considering that the latest momentum in the market has been attributed majorly<\/a> to the possibility of a Spot Bitcoin ETF approval<\/a>.<\/p>\n

A plausible explanation could be the fact that investors are certain that approval is imminent<\/a>, irrespective of the actions of the Commission. This is evident in the fact that institutional money keeps flowing into the crypto market. CoinShare\u2019s latest report<\/a> showed that the crypto market, last week, saw its largest weekly inflow since late 2021.\u00a0<\/p>\n

Meanwhile, the SEC\u2019s latest delay is an interesting one, considering that a decision on both applications wasn\u2019t due until January 1, 2024. This has led to several speculations as to whether or not this move still means that approval is on the horizon.\u00a0<\/p>\n

SEC\u2019s Latest Delay May Be A Good Sign<\/h2>\n

In a post<\/a> shared on his X (formerly Twitter) platform, Bloomberg analyst James Seyffart<\/a> questioned the SEC\u2019s actions and what it could mean for a potential approval. He reasoned that the SEC\u2019s decision could be setting things up for a \u201cfull wave of approvals\u201d in early January. The analyst had previously put the likelihood<\/a> of an approval in January 2024 at 90%.\u00a0\u00a0<\/p>\n

He further stated that the delay on Hashdex\u2019s application (Hashdex\u2019s announcement came shortly after Templeton\u2019s) confirmed his reasoning. He believes that the SEC is moving to set up all applicants for potential approval by January 10, 2024. He quickly noted that these approvals would be for the 19b-4 and didn\u2019t necessarily mean an immediate launch.\u00a0<\/p>\n

Scott Johnsson<\/a>, a notable attorney from Davis Polk, also shared the same sentiments as Seyffart. He stated<\/a> that the SEC might have chosen to delay these applications early so that the comment period could end before January 10, 2024. That way, they can approve all applications at the same time.\u00a0<\/p>\n

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