This week, people who invest in crypto got affected by news that might not be true. Some people said the ETF would be approved by August 13, but there wasn’t good proof for this.
Even though experts said the decision would be delayed before Sunday, some people still didn’t believe it.
Latest Update on Spot Bitcoin ETF
Not long ago, the SEC said they need more time to decide about the ETF because the deadline was on the weekend. This decision didn’t surprise many investors. The SEC is already dealing with another ETF case from Grayscale, so they want more time to study and think. It’s not likely the SEC will approve a new ETF that goes against what they’re saying in the Grayscale case.
During the Grayscale case, they talked about how people can change the spot price of Bitcoin on purpose. They said this can be done by people who want to trick others or do something wrong. Because of this, they won’t approve an ETF for the spot price of Bitcoin.
Two companies, Ark Investment Management and 21Shares, have been trying to get approval for a Bitcoin ETF since 2021. They asked again this year.
Before the SEC made their decision, Scott Farnin, who gives legal advice for Better Markets, said the SEC should say “no” to all Bitcoin ETF requests. He also said the plans for sharing information to watch over the ETF aren’t good enough.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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