SEC Steps back, Releases New Dates for Bitcoin Spot ETF Application

• The Securities and Exchange Commission issued new deadlines for the Bitcoin spot ETF applications. 
• These new updates are for the second deadline, and most fall in October. 

Many financial firms are still pursuing the Bitcoin spot ETF despite their challenges. Apparently, the SEC is putting up a lot of roadblocks in the journey of spot ETF approval. Now, the agency made up new dates for the spot ETFs approval. 

SEC Releases New Date for Bitcoin Spot ETF Applications 

• The SEC provided a new update regarding the Bitcoin spot ETF application, and it is not looking good. Apparently, the federal government commission is backing out of the original arrangement. The six Bitcoin ETF applications now have a new date from the SEC for the review. So, the list of those who would wait for their next decisions are Blackrock, Invesco Galaxy, WisdomTree, VanEck, Valkyrie, Bitwise, and Fidelity.  
• The new announcement of the latest update in the deadlines heavily affected Bitcoin prices. Apparently, it fell off from the recent $28k rally to move around the $25k level. Each applicant here is trying to get approval for the first Bitcoin spot ETF from the US. Apparently, there’s already a Bitcoin spot ETF in Europe. So, launching a Bitcoin spot ETF in the US will be massive in the crypto industry. 
• Crypto enthusiasts say approving these spot ETFs would allow for greater retail investment in the bitcoin space. Furthermore, it will save those interested in the crypto industry from the troubles of setting up a wallet or having to buy Bitcoin directly. In other words, they can directly trade the equivalent of Bitcoin. 

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BREAKING: SEC delays decision on ALL 6 Bitcoin Spot ETF applications another 45 days. 🛑

This includes Blackrock, Invesco Galaxy, WisdomTree, Valkyrie, Bitwise, & Fidelity.

— Altcoin Daily (@AltcoinDailyio) August 31, 2023

The Latest Deadlines on the Bitcoin Spot ETF Applications 

Altcoin Daily via X 

• Some of the deadlines for these Bitcoin spot applications fall on the same date for some of these firms. In other cases, the dates fall closely to each other. Nevertheless, these dates are just the first or the second deadline for the spot ETFs. Blackrock, VanEck, Fidelity, Wise Origin, Galaxy, and Wisdom Tree now have a deadline of 17th October. On the 19th, Valkyrie will have its own deadline. However, Bitwise now has its own deadline on October 16th. 
• Note that this is not the only deadline for the Bitcoin spot ETF applications. Apparently, the SEC has 240 days for extending the deadlines for the applications. Traditionally, the SEC uses every possible comment and review period to delay making final decisions until those 240 days finish. So, there are expectations that the agency will keep extending the deadlines until 240 days finish up. However, there are also chances of approval before then. 

Conclusion 

The Bitcoin spot ETF applications from several financial firms are going as many had in their expectations. Apparently, the SEC usually has around 240 days to make a final decision regarding the applications. During these 240 deadline days, they can provide first, second, third, and even fourth deadlines. However, many crypto enthusiasts expect the government agency to use up all the deadline dates.