SEC Commission May Delay Decision on Spot Bitcoin ETF

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Fox Business News reporter Eleanor Terrett reported that the U.S. Securities and Exchange Commission may delay a decision on a spot Bitcoin ETF.

She noted in the X post that the five-member U.S. Securities and Exchange Commission (SEC) committee may still delay approval of a spot Bitcoin (BTC) ETF. While no formal ETF committee vote is scheduled, she explained that each committee member has the right to request a full review by the committee and vote on the matter at their own discretion.

Here’s an interesting warning about how the 5-member SEC committee might delay Bitcoin USD Spot ETF approved.

While there are no scheduled commission votes for ETFs, each committee member apparently has the right to request a review and full commission vote (under the terms cited… https://t.co/W3pnOPXe2b

— Eleanor Terrett (@EleanorTerrett) January 8, 2024

“Commissioners include: Gensler (D), Crenshaw (D), Peirce (R), Lizárraga (D) and Uyeda (R).”

Eleanor Treat, Fox Business News reporter

Eric Balchunas, senior ETF analyst at Bloomberg, said in a comment on the post that the current situation is an “accurate interpretation of the regulations,” but that it doesn’t worry him. SEC staff, which works tirelessly with issuers, said the application to approve a spot Bitcoin ETF is an unreasonably complicated plan.

I’m sure this is an accurate interpretation of the statute, but I’m not concerned. Gensler directed it all. The staff and publisher worked tirelessly. Approval is the plan. There’s no reason to complicate it.

— Eric Balchunas (@EricBalchunas) January 9, 2024

Meanwhile, Bloomberg sources believe that the SEC will rule on several applications for spot Bitcoin ETFs on January 10. Bloomberg also said the agency plans to vote on the exchange’s filing (19b-4) “in the coming days.” Regulators can then make a decision on Form S-1 around the same time.

While awaiting the SEC’s decision, the cryptocurrency community is divided into two factions. Some believe regulators will make a decision on the application within the allotted time, while others expect the SEC to delay ETF approval again. However, contrary to market expectations, BTC prices rose as expected, surpassing the $47,000 mark and hitting multi-month highs.