Fox Business journalist Eleanor Terrett reported that the US Securities and Exchange Commission could delay a decision on spot Bitcoin ETFs.
In the X post, she pointed out that the five-member committee of the US Securities and Exchange Commission (SEC) could still delay the approval of a spot Bitcoin (BTC) ETF. Although no formal vote is planned in the ETF Committee, she explained that any committee member has the right to request a full committee review and vote based on their judgment on the matter.
There is an interesting caveat here as to how the five-member SEC Commission could potentially delay the approval of a $BTC spot ETF.
While there is no planned Commission vote on the ETF, any Commissioner appears to have the right to request a review and full Commission vote (as per the quoted clause… https://t.co/W3pnOPXe2b).
— Eleanor Terrett (@EleanorTerrett) January 8, 2024
“The commissioners include: Gensler (D), Crenshaw (D), Peirce (R), Lizárraga (D) and Uyeda (R).”
Eleanor Terrett, Fox Business journalist
Commenting on the post, Eric Balchunas, senior ETF analyst at Bloomberg, explained that the current situation is an “accurate interpretation of the regulations,” but that doesn’t worry him. The SEC staff is working tirelessly with issuers and he said approving applications for spot Bitcoin ETFs is a plan that has no reason to be complicated.
I'm sure it's a correct interpretation of the regs, but I'm not worried about it. Gensler ran it all. The employees work tirelessly for the issuers. Consent is the plan. No need to complicate it.
— Eric Balchunas (@EricBalchunas) January 9, 2024
Meanwhile, Bloomberg sources expect the SEC to decide on several spot Bitcoin ETF applications on January 10. Bloomberg also said the agency plans to vote on the exchanges' filings (19b-4) “in the coming days.” Then the regulator could decide on the Form S-1 around the same time.
While the SEC's decision is pending, the cryptocurrency community is divided into two sides. Some believe that the regulator will decide on applications within the allotted time frame, while others expect that the SEC will again delay the approval of ETFs. However, contrary to market expectations, BTC price rose as expected, breaking through the $47,000 mark and reaching multi-month highs.
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