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FameEX Hot Topics | SEC Defers Spot Bitcoin Applications Again, Resulting in Decline in BTC Price
2023-11-20 16:31:50
Bitcoin enthusiasts in the United States find themselves once again in a state of patient anticipation as they await the introduction of a Bitcoin exchange-traded fund (ETF). The U.S. Securities and Exchange Commission (SEC) has opted to defer its verdict on the pending ETF applications, extending the suspense that has gripped crypto enthusiasts and investors. The recently concluded eight-day window for potential ETF approvals has concluded without any new Bitcoin ETFs receiving approval. Instead, the SEC has revealed its intentions to embark on a comprehensive review of these applications in the upcoming year, prolonging the waiting game.
Among the applications subject to postponement by the SEC are proposals for a spot Bitcoin ETF submitted by Global X and Franklin Templeton, as well as an application from Hashdex, submitted just this week. The SEC's propensity to delay decisions pertaining to Bitcoin ETFs has become an all too familiar refrain. The driving force behind these deferrals is the SEC's continued apprehension regarding potential market manipulation within the cryptocurrency arena. The regulatory body remains steadfast in its commitment to exercising caution in the approval process, stressing the imperative need for robust mechanisms to safeguard against market abuse and manipulation. The stakes are undeniably high, with market observers speculating that the green light for a Bitcoin ETF could potentially unlock a significant influx of capital from Wall Street into the cryptocurrency market. CryptoQuant, a leading crypto data analytics firm, takes this speculation to the next level by predicting that the approval of a Bitcoin ETF could lead to a monumental $1 trillion surge in valuation for Bitcoin and other digital assets. This anticipation of an imminent capital injection has added fuel to the fire of excitement and speculation surrounding the SEC's forthcoming decision. Despite the recurring delays and the SEC's meticulous approach to regulation, there is a palpable surge in optimism among cryptocurrency proponents. Analysts at Bloomberg Intelligence now peg the likelihood of a Bitcoin ETF receiving the green light by January at a promising 90%. This newfound optimism could be attributed to the ever-evolving landscape of the cryptocurrency industry, marked by escalating institutional interest, a clearer regulatory framework, and an expanding acceptance within mainstream financial circles. As investors and enthusiasts bide their time, they acknowledge the pivotal significance of a Bitcoin ETF approval. Such an approval could signify a watershed moment for the cryptocurrency market, effectively bridging the chasm between traditional finance and the burgeoning digital asset ecosystem. With the SEC diligently reviewing and evaluating the pending applications, the cryptocurrency community remains perched on the edge of its seat, hopeful for a favorable outcome that could indelibly shape the trajectory of crypto investments in the United States. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
