The SEC has extended decision deadlines for several Bitcoin ETFs. These include BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust, the VanEck Bitcoin Trust, the WisdomTree Bitcoin Trust, and the Invesco Galaxy Bitcoin ETF. The new deadline is set for October 17th.

In a separate filing, the deadline for the Valkyrie Bitcoin Fund is extended to October 19th. For the Bitwise Bitcoin ETP Trust, the new deadline is October 16th. The SEC requires additional time to assess proposed rule changes, especially for the WisdomTree fund.

Notably, the SEC has yet to grant approval for a spot Bitcoin ETF, citing concerns over potential fraud and market manipulation. However, the SEC did permit the commencement of trading for the first Bitcoin futures ETF in 2021.

In response to this news, the price of Bitcoin has experienced a further decline, dropping by 5.1% over the past 24 hours to reach $25,965 at 5:09 p.m. ET, as reported by CoinGecko. It was widely anticipated that these delays would occur since the SEC had received applications for these proposed funds back in July.

SEC Postpones ETF Decisions and Grayscale’s Legal Victory

Analysts speculate the SEC may wait to review all proposed funds together. They delayed another fund proposal by ARK Invest and 21Shares, requesting new written comments. This extension adds at least another month to the timeline for approval.

In a separate legal development, the cryptocurrency industry celebrated a major victory. A court ruled in favor of Grayscale Investments in an ongoing lawsuit against the SEC. This lawsuit was related to a spot Bitcoin fund. Grayscale had initially sought to convert its flagship GBTC fund into an ETF but had its request rejected by the SEC last year.

This ruling doesn’t ensure immediate approval of a spot Bitcoin ETF. However, it does require the SEC to reassess Grayscale’s ETF proposal. Experts believe this legal opinion improves the chances of spot Bitcoin ETFs avoiding SEC disapproval.

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