• The SEC is likely to delay the review process of all Bitcoin ETF applications until early 2024.
• Several asset management companies have filed for a spot Bitcoin ETF from the SEC, including BlackRock and ARK Invest.
• The SEC is reluctant in approving a spot crypto ETF due to its unique nature as it involves holding actual Bitcoin within a fund for direct investment.

SEC Delays All Bitcoin ETF Decisions Until 2024

The US Securities and Exchange Commission (SEC) has decided to avail the entire 240-day period allocated for reviewing spot Bitcoin exchange-traded fund (ETF) applications before making any decisions. This means that the earliest potential approval date for any spot BTC ETF proposal could be early 2024.

Asset Management Companies Filing For Spot Bitcoin ETFs

Several prominent asset management firms have filed their respective proposals with the federal securities regulator seeking approval for their spot crypto exchange-traded funds. These include BlackRock, ARK Invest, Bitwise Asset Management, VanEck, WisdomTree, Invesco, Galaxy Digital, Fidelity and Valkyrie.

Why Is The US SEC Reluctant On Approving A Spot Crypto ETF?

Gaining approval from the SEC for such an investment vehicle faces a hurdle due to its unique nature as compared to other crypto-related products like Bitcoin futures-linked exchange-traded funds (ETFs). Such products allow investors to gain exposure to digital assets without actually owning them; however, a spot BTC ETF involves holding actual Bitcoins within a fund so that investors can have more direct exposure to the cryptocurrency market.

Extended Review Period For Applications

As per the guidelines laid down by the federal regulator, it has been granted authority to extend its review period by as long as 240 days if required so that adequate time can be provided for public input on proposed projects. In May 2023, ARK Invest submitted an application seeking approval of its ARK 21Shares spot BTC exchange-traded fund; however recently this review period was further extended by 21 days in order to provide more time for comments from stakeholders regarding this project.


    It appears highly likely that no decision regarding any of these proposed projects will be taken before early 2024; thereby delaying investor access to such type of investment vehicles in what could prove out to be another major setback in terms of regulatory clarity surrounding cryptocurrencies in general and especially those related products involving spots or derivatives contracts linked with them.

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