The U.S. Securities and Exchange Commission’s (SEC) deadline to approve Bitcoin spot ETFs expires this week on November 17th.
This deadline applies to 12 pending applications for the creation of spot ETFs from issuers like Hashdex, Franklin, and Global X. If the SEC does not approve the applications by the deadline, they will enter a public comment period that could delay a final decision until January 2024.
According to market analyst Eric Seyffarth, the Hashdex, Franklin, and Global X ETF bids will likely be delayed past the November 17th deadline.
However, Seyffarth still believes there is a 90% chance that spot BTC ETFs will be approved before the next major deadline on January 10, 2024. On that date, the SEC must make a final decision on an application from Ark Invest.
The long-awaited SEC approval of Bitcoin spot ETFs would be a major milestone for cryptocurrency adoption and could significantly impact Bitcoin’s price and mainstream legitimacy. For now, the crypto community anxiously awaits the SEC’s decision amid the approaching deadline.