The United States Securities and Exchange Commission (SEC) has delayed its decision on the anticipated spot Bitcoin ETF application this month. The postponement was expected following the application by Franklin Templeton Investments. After the announcement of the delay, the price of Bitcoin dropped from $38,100 to $37,947. The SEC is not rushing to make a historic approval decision and is strengthening communication with applicants.
The delayed application from Franklin Templeton Investments comes after the move by the $1.5 trillion asset manager BlackRock. Experts believe that if BlackRock’s application is approved, it could be considered late due to its timing. On the other hand, Bloomberg experts give a 90% probability for a spot Bitcoin ETF approval by January 10th.
In about 40 days, the SEC could bring good news regarding the long-awaited ETF issue. Especially after the examination of the Binance exchange, expectations are high that the SEC’s concerns about market manipulation will prove unfounded. Furthermore, concerns regarding volatility and fraud risk have been invalidated following the approval of futures ETFs (after the GBTC decision).
The SEC has once again postponed the ETF decision. Following the announcement, the price of Bitcoin fell. Hopes for a future ETF approval continue.