The United States Securities and Exchange Commission (SEC) has announced that it will delay its decision on several pending Bitcoin Exchange-Traded Fund (ETF) approvals until 2024. This extension reflects the SEC’s cautious approach and dedication to thorough assessments. A futures-linked ETF allows investors to gain exposure to Bitcoin’s price movements without holding the actual asset, while a spot Bitcoin ETF involves holding the cryptocurrency, raising concerns about custody, security, and market manipulation. Despite the delay, various asset management firms are interested in launching spot Bitcoin ETFs. The SEC’s evaluation process can take up to 240 days, affecting companies seeking approval. The decision on the ARK Bitcoin ETF has been pushed to January 2024, while others may not receive a decision until March 2024. In other news, Rep. David Schweikert has reached a settlement requiring him to pay $175,000 for breaching House ethics regulations, and Republican lawmakers have questioned the security measures in place before granting Prometheum Inc. a license as a crypto broker.
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