News - US parliamentarians call on SEC to approve Bitcoin ETFs
The SEC is again postponing deadlines for a decision on several Bitcoin spot ETFs. But opposition to the restrictive direction from the authority's head, Gary Gensler, is coming from politics.
The U.S. Securities and Exchange Commission (SEC) has again postponed the deadline for a final decision on several Bitcoin Spot ETFs. The deadlines for the ARK Invest 21Shares Bitcoin ETF and the Global X Bitcoin Trust have been postponed. The new deadlines for acceptance or rejection are Jan. 10, 2024 (Ark Invest) and Nov. 21, 2023 (Global X).
Remarkably, the exchange regulator moved the deadline even before the deadlines had passed. The Ark Invest BTC ETF should have been decided on Nov. 11 and the Global X Bitcoin Trust on Oct. 7. For the Ark Invest index fund, it is the fourth and therefore last deadline. Once again, the top U.S. financial authority cannot postpone the ETF; so a decision must be made.
"The Commission sets Jan. 10, 2024, as the date by which the SEC must approve or disapprove the proposed rule change," the SEC document states.
Piquant detail: Shortly before the deadline extension on the part of the SEC, the authority received a letter from four members of Congress. In it, the parliamentarians call on SEC chief Gary Gensler to approve the requested Bitcoin ETFs.
The letter states:
'We're writing to you to make sure the SEC takes no further action against Bitcoin Spot ETFs.
In their letter, Reps. Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Wiley Nickel (D-N.C.) and Ritchie Torres (D-N.Y.) a court ruling to from last month that said the SEC should not have simply rejected the Grayscale Bitcoin ETF. This, the court said, had great similarities to already approved products such as the Bitcoin Futures ETFs.
There was therefore "no reason to continue to judge inconsistently," the authors said.
On Platform X, market observers are already speculating when the SEC might approve it. User Pentoshi, for example, assumes the authority will approve all applications simultaneously.
Anything can happen in 106 days, but overall. This is coming to a conclusion— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) September 26, 2023
The assumption is:
All get approved at once at the closest final deadline as they won't cherry pick, deny some and approve others.
I think 2-4 weeks out we should be having a pretty good rally to… https://t.co/YqFyG3VU7C
The new deadline for the Ark Invest ETF seems plausible. This would be on Jan. 10 next year.