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The U.S. Securities and Exchange Commission (SEC) is delaying its decision on the approval of spot-based Bitcoin (BTC<\/a>) exchange-traded funds (ETFs) until October.<\/p>\n In new filings, the regulatory agency announces<\/a> that it will be pushing back its decision to approve or deny numerous bids to create BTC ETFs, including those of financial firms Invesco<\/a>, WisdomTree<\/a> and Valkyrie<\/a>, from August to October.<\/p>\n A Bitcoin ETF would give investors exposure to the crypto asset through brokerages, much like precious metals such as gold and silver.<\/p>\n The move comes as no surprise to Bloomberg ETF analyst James Seyffart, who says<\/a> it would have been shocking if the SEC had actually made its decision this week.<\/p>\n \u201cMiddle of October are the next major days to watch. Namely October 16th. Also, a reminder that we fully expected delays on this round of spot [market] Bitcoin ETF filings. Would have been a shock if they were approved this week.\u201d <\/em><\/p>\n Earlier this week, Seyffart and another Bloomberg ETF analyst, Eric Balchunas, said<\/a> that there\u2019s a 75% chance that a spot market BTC ETF would be approved by the end of 2023 and a 95% chance that it would be approved by the end of 2024.<\/p>\n Though the decision has been delayed, former SEC Chairman Jay Clayton recently said<\/a> that the approval of BTC ETFs is \u201cinevitable\u201d as it\u2019s obvious that Bitcoin doesn\u2019t qualify as a security and the SEC\u2019s concerns about investor safety have been addressed by financial institutions.<\/p>\n Bitcoin is trading for $25,627 at time of writing, a 2.54% decrease during the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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