SEC Delays Ruling on Bitcoin ETF; Lawmakers Urge Immediate Action

The U.S. Securities and Exchange Commission (SEC) has postponed a decision on several applications for a spot Bitcoin-ETF from ARK Invest and 21Shares until January 10, 2024.

“The SEC believes it prudent to allow a longer period for issuing an order approving or denying the applications, so that it has sufficient time to review the documents,” the regulator said.

The agency also moved the decision on the Global X Bitcoin Trust ETF to November 21, 2023.

On July 14 the SEC приняла к рассмотрению заявки от BlackRock, VanEck, Fidelity Investments, Invesco and WisdomTree. Позднее к ним присоединилась фирма Franklin Templeton.

Пока регулятор не дал ни одного одобрения на запуск спотовых ETF на цифровое золото. Исключение Комиссия сделала для подобных продуктов на базе фьючерсов на первую криптовалюту от ProShares и Valkyrie Investments.

31 августа ведомство отложило принятие решения по заявкам как минимум до середины октября. Решение SEC вызвало обвал курса биткоина ниже $26 000.

Lawmakers express discontent

Незадолго до переноса решения SEC группа из четырех членов Конгресса обратилась к председателю Комиссии Гэри Генслеру с требованием «немедленно» утвердить спотовый биткоин-ETF.

Representatives Mike Flood, Wiley Nickel, Tom Emmer and Richie Torres say that the regulator “discriminates against spot crypto products,” citing the Grayscale Investments precedent.

“Regulated spot Bitcoin-ETP will provide enhanced investor protection, offering safer and more transparent access to investment vehicles,” the letter says.

Chairman’s stance

On September 27 Gensler is due to testify before the House Committee on Financial Services. According to the prepared testimony, he remains intent on pursuing a tough stance on digital assets.

“Given the industry’s widespread noncompliance with securities laws, it is not surprising that we see a host of problems in these markets. We’ve seen a similar story before. It harks back to the 1920s, before federal securities laws were enacted,” the official said.

He also reiterates his thesis that the majority of digital assets and related companies fall under securities laws.

Gensler cited the agency’s rules, including the April press release, which states that crypto platforms are already part of the definition of an exchange, including DeFi protocols.

As noted in September 2023, the head of the SEC once again подтвердил his position on digital assets, noting their potential harm to the global financial system.

In August, U.S. Representative Warren Davidson призвал отстранить Gensler from his post as head of the agency amid a bungled case against Grayscale. He was preceded by a partial defeat of the regulator in the Ripple case Ripple.

Subsequently, the media обвинили the SEC chairman of turning the agency into a “banana republic”.