SEC Delayed All Applications For Spot Bitcoin ETF | Downfall of Bitcoin
hive-167922·@coolguy222·
0.000 HBDSEC Delayed All Applications For Spot Bitcoin ETF | Downfall of Bitcoin
 [Src](https://www.ft.com/content/c862dd6c-6d9f-4565-ae40-1869b00e6e48) Bitcoin price is dropped below $26k which was a strong support level for few days. The price is dropped below the support line following the news of SEC delaying all applications for Spot Bitcoin ETF. After SEC is continuously losing in the court, it is now finding ways to avoid the approvals of different applicants. >The U.S. Securities and Exchange Commission (SEC) has delayed until October making a decision on all of the spot bitcoin exchange-traded fund (ETF) applications filed by applicants including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets earlier this year, according to agency filings on Thursday. [src](https://www.google.com/amp/s/www.coindesk.com/policy/2023/08/31/after-grayscale-victory-sec-kicks-the-can-on-latest-bitcoin-etf-applications/%3foutputType=amp) This is totally ridiculous as it is clear now that SEC doesnt want to approve any applicant for Spot Bitcoin ETF. Bitcoin price impacted a lot by this news and it sharply fell more than 4% now trading at $25700. Its a huge drop in the price of Bitcoin. >Today's orders see the SEC holding off on any firm decision, instead extending existing comment periods and allowing for greater public feedback on the applications. The new deadlines for Wise Origin, Galaxy and WisdomTree are October 17, and it's two days later for Valkyrie. Bitwise now has an October 16 deadline. The regulator has a total of 240 days from when it first begins its review of the applications to make a final decision to approve or deny. SEC staff have traditionally used every possible comment and review period to delay making final decisions until those 240 days have elapsed, making Thursday's agency filings expected. [src](https://www.google.com/amp/s/www.coindesk.com/policy/2023/08/31/after-grayscale-victory-sec-kicks-the-can-on-latest-bitcoin-etf-applications/%3foutputType=amp) I think that SEC will keep delaying the applications on purpose and will not approve them easily. On the other hand if these applications gets approval for Spot Bitcoin ETF then it will pump hard to the Bitcoin price. >Judge Neomi Rao, writing for the unanimous court, said the SEC's denial of the application was inconsistent with the approval of a pair of bitcoin futures ETFs, and did not explain why it viewed these types of products differently given the underlying bitcoin market had a "99.9% correlation" between spot and futures market prices. Grayscale's argument that its proposed ETF was "materially similar" to the futures ETFs won. The SEC has used similar arguments in rejecting other ETF applications as it did in rejecting Grayscale's bid. The appeals court ordered the regulator to review the application once more. [src](https://www.google.com/amp/s/www.coindesk.com/policy/2023/08/31/after-grayscale-victory-sec-kicks-the-can-on-latest-bitcoin-etf-applications/%3foutputType=amp) Well, this is not going to end here, this case is continue as said above, the court ordered the SEC to review application once more. We see clearly SEC has no valid argument here, its just trying to delay the approvals. Well , we will see what happens next. Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed. About Author @coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends. Posted Using [LeoFinance Alpha](https://leofinance.io/@coolguy222/sec-delayed-all-applications-for-spot-bitcoin-etf-downfall-of-bitcoin-)