Despite United States Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres calling on the Securities and Exchange Commission (SEC) to immediately approve the listing of spot Bitcoin (BTC) exchange-traded funds (ETFs), the agency once again delayed its decision.
When it comes to spot Ether (ETH) ETFs from VanEck and ARK 21Shares, the SEC delayed making decisions until Dec. 25 and Jan. 10, respectively, while GlobalX will have to wait until Nov. 21 for the commission’s decision. It also delayed deciding on the spot Bitcoin ETF applications of Invesco, Bitwise and Valkyrie until mid-January.
The latest delays came two weeks earlier than the scheduled second deadline date for many applicants, who had been expecting to hear from the securities regulator by Oct. 16–19. The timing of the delays may have been related to the narrowly avoided U.S. government shutdown, which would have disrupted the country’s financial regulators and other federal agencies.
Bitwise Asset Management reacted to the delay of its spot Bitcoin ETF with an amended application, responding to the SEC’s objections to the product. In its amended application, Bitwise engaged with what the SEC called “the ‘mixed’ or ‘inconclusive’ academic record” on the lead-lag relationship between BTC futures and spot markets.
The Shanghai No.2 Intermediate People’s Court in China has recognized Bitcoin as a unique and non-replicable digital asset while acknowledging its scarcity and inherent value. According to the court’s report, digital currencies such as Bitcoin stand out as unique and non-replicable internet technology products. The report states that among a sea of digital currencies, Bitcoin is different and unique from other digital assets. It hasRead more on cointelegraph.com