The U.S. Securities and Exchange Commission (SEC) has postponed the decision for all seven spot bitcoin exchange-traded fund (ETF) applications until October, according to the agency’s filing on August 31.
Seven spot Bitcoin ETFs including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Asset have applied earlier this year. However, the SEC seeks more time for a deeper and more careful analysis of the proposed rule amendments.
The applicants hope to launch the first spot Bitcoin ETF to save investors the hassle of setting up a wallet or having to buy Bitcoin directly and to increase retail investment in the Bitcoin market.
Last month, the SEC started looking over the files from crypto-heavy and traditional finance firms like Wise Origin (Fidelity), BlackRock, and Invesco Galaxy.
Following the orders issued on August 31, the SEC postponed any firm decision on the spot Bitcoin ETF and decided in favor of extending the current comment periods and allowing more time for public input on the applications.
The delay is a disappointment to many investors who have been waiting for the SEC to approve a spot bitcoin ETF. A spot Bitcoin ETF would allow investors to buy and sell bitcoin directly on the stock market, which would make it more accessible to mainstream investors.
The SEC has postponed the five applications, BlackRock, VanEck, Wise Origin, Galaxy, and WisdomTree, for a 45-day response period, and now the deadline is October 17. October 16 is a new deadline for the applicant Biwise and three days later for Valkyrie.
All seven fillings remain the same despite different dates. The SEC has outlined these dates, and the SEC said that “either approve or disapprove or institute proceedings to determine whether to disapprove, the proposed rule change.”