The United States Securities and Exchange Commission (SEC) has postponed its decision on spot Bitcoin exchange-traded funds (ETFs). Blackrock, Invesco, Valkyrie, and Bitwise had their applications deferred. The SEC stated that it needs more time to determine whether the proposed rule change should be approved or disapproved. The decision came after SEC Chairman Gary Gensler expressed concerns about the crypto industry during a Congressional hearing, particularly regarding the management of client funds. Gensler also mentioned the SEC’s noncompliance with a court directive regarding the Grayscale verdict. The article advises readers to be cautious when investing in crypto products and NFTs, as they are unregulated and highly risky.
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