The Securities and Exchange Commission (SEC) has once again delayed its decisions on applications from asset managers Franklin Templeton and Global X to launch spot Bitcoin ETFs. The decisions were initially expected on November 17, but the SEC has now extended the review period to early 2024.
A Long History of Delays
This is not the first time the SEC has delayed decisions on spot Bitcoin ETFs. The agency has been considering applications for these products for several years, but it has yet to approve any of them.
The SEC has cited a number of concerns as reasons for its delays, including potential market manipulation, investor protection, and the need for more regulatory clarity.
Industry Reaction
Industry experts have expressed frustration with the SEC's delays, arguing that they are preventing investors from accessing a potentially lucrative investment opportunity.
"The SEC's continued delays are frustrating for investors who are eager to invest in spot Bitcoin ETFs," said James Seyffart, an ETF analyst at Bloomberg Intelligence. "The agency needs to provide more clarity on its concerns and approve these products in a timely manner."
What's Next?
It is unclear when the SEC will finally make a decision on the Franklin Templeton and Global X spot Bitcoin ETFs. However, the agency has indicated that it is likely to extend the review period for other pending applications as well.
In the meantime, investors will need to wait patiently for the SEC to act. However, they should also be aware of the risks involved in investing in Bitcoin and other cryptocurrencies.
Key Takeaways:
- The SEC has delayed its decisions on applications from Franklin Templeton and Global X to launch spot Bitcoin ETFs.
- This is not the first time the SEC has delayed decisions on spot Bitcoin ETFs.
- The SEC has cited a number of concerns as reasons for its delays, including potential market manipulation, investor protection, and the need for more regulatory clarity.
- Industry experts have expressed frustration with the SEC's delays.
- It is unclear when the SEC will finally make a decision on the Franklin Templeton and Global X spot Bitcoin ETFs.
