The U.S. Securities and Change Fee (SEC) is considering its response to a court docket ruling that criticized its refusal of Grayscale Investments’ software for a Change-Traded Fund (ETF), as revealed by SEC Chair Gary Gensler at a Home Monetary Providers Committee listening to on Wednesday. This improvement might doubtlessly pave the best way for companies akin to BlackRock (NYSE:), Constancy Investments, and Invesco to launch their very own Bitcoin ETFs.
Nevertheless, the SEC’s progress is likely to be hampered by an imminent authorities shutdown, which threatens to postpone this course of. The SEC has already pushed again some Bitcoin ETF functions into 2024 and is up in opposition to mid-October deadlines for others.
A authorities shutdown might additionally lead to a furlough of 92% of the SEC’s workers, leaving solely pressing work to be attended to. Even functions which were permitted would require extra weeks for prospectus approval by the SEC, making a 2023 debut for Bitcoin ETFs more and more unlikely.
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