Not long ago, the Securities and Exchange Commission (SEC) was set to decide on a new bitcoin-based exchange-traded fund (ETF) application that was submitted by ARK Invest and its chief executive Cathie Wood. The decision date was coming up soon, but unfortunately, the SEC had the opportunity to delay its decision, and now it appears it has taken that route. The SEC is at It Again The delay could give the SEC as much as 240 more days to decide on the application. This means players likely won’t see a final choice made until well into 2024. The situation is upsetting because it’s giving a lot of crypto fans concerns that perhaps the SEC is falling into the same patterns and behaviors it’s exhibited for so many years, now. The SEC has always been the big lion
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Not long ago, the Securities and Exchange Commission (SEC) was set to decide on a new bitcoin-based exchange-traded fund (ETF) application that was submitted by ARK Invest and its chief executive Cathie Wood. The decision date was coming up soon, but unfortunately, the SEC had the opportunity to delay its decision, and now it appears it has taken that route.
The SEC is at It Again
The delay could give the SEC as much as 240 more days to decide on the application. This means players likely won’t see a final choice made until well into 2024. The situation is upsetting because it’s giving a lot of crypto fans concerns that perhaps the SEC is falling into the same patterns and behaviors it’s exhibited for so many years, now.
The SEC has always been the big lion that’s there to block crypto sheep from crossing the bridge safely. Over the last six or seven years, many ETF bitcoin or crypto-centered applications have made their way across SEC desks, only to be unceremoniously rejected without even receiving a fair amount of attention or consideration. It’s a sad sight to see that such a huge financial agency doesn’t even think such an application is worth its time.
Various representatives of the SEC have hinted that since crypto is a largely unregulated industry, it arguably doesn’t deserve the attention that so many die-hard fans think it deserves. Due to the volatility and risk allegedly involved with the industry, members of the SEC and related agencies don’t want to give crypto too much energy, time, or effort.
However, there are several people out there that believe this is a huge mistake. The fact is that crypto has come quite a way in a relatively short period. Bitcoin, for example, has only been around for 14 or 15 years at the most, yet there are many companies willing to accept it as a digital form of payment.
Heck, even countries like El Salvador in Central America have deemed the asset legal tender. This means anyone can walk into a store or business at any time and pay for anything they need with BTC along with USD. What a huge step forward for crypto!
Could BlackRock Change Everything?
But for the SEC, this clearly doesn’t matter much, as it’s still doing what it’s always done. Many companies that have submitted bitcoin ETF applications in the past have not necessarily received a “no” answer from the agency. Instead, the decision-making process is delayed so many times that the companies wind up pulling the plugs on their own documents.
Still, a ray of hope exists in the form of the new BlackRock ETF application, which many say due to the company’s standing, will get the attention it needs.