Complete Gate Post tasks to upgrade your rank

Credit Ranking

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1694598758RDZZ 1.jpeg)

## TL; DR

Some crypto influencers believe that the SEC has done injustice to the cryptocurrency sector by postponing a decision on BTC ETFs.

Some analysts have said that they had anticipated SEC’s delay in making a final decision on BTC ETFs. 

The SEC will start making its final position on the 7 spot <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs applications on 17 October. 


## Introduction 

The crypto market is awaiting the United States Securities and Exchange Commission’s decision on various cryptocurrency exchange traded funds. There are several ETF applications different asset management firms have submitted to the United States Securities and Exchange Commission (SEC). The most outstanding applications relate to ETH and BTC exchange traded funds.

Meanwhile, many analysts believe that the approval of these ETFs is likely to lead to bullish momentum, not just for the cited cryptocurrencies but for many of the other crypto assets depending on how their communities react. 

In this post, we will discuss the SEC’s progress on evaluating BTC ETFs. We will also explore any hindrances and possible sources of delays for approving or disapproving the bitcoin ETFs. 

Read also: [Crypto Coven —— Women's Potential in NFT Market](https://www.gate.io/blog_detail/591/crypto-coven-women-s-potential-in-nft-market-remains-to-be-untapped "Crypto Coven —— Women's Potential in NFT Market")

## Crypto Influencers Speculate on SEC’s Delay of Approving or Disapproving BTC ETFs

Recently, the United States Securities and Exchange Commission announced the postponement of its final position on the seven leading applications of bitcoin exchanged traded funds (ETFs). 

In connection with this, the SEC said, “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”

Wisdom Tree, VanEck, Bitwise, BlackRock, Invesco Galaxy, Grayscale, Valkyrie Digital Assets and Invesco Galaxy are some of the firms that have applied for the bitcoin ETFs. However, the United States Securities and Exchange Commission, through several fillings, requires more time to review the proposed new rules that relate to crypto ETFs. 

Read also: [Why People think SEC is Indecisive on Which Crypto Assets are Securities](https://www.gate.io/blog_detail/1374/why-people-think-sec-is-indecisive-on-which-crypto-assets-are-securities "Why People think SEC is Indecisive on Which Crypto Assets are Securities")

As part of the procedure, the SEC should take 45 days after its publication in the Federal Register to apply the proposed rules before listing the investment instruments. After the stated period the SEC will make its final decision on listing of spot bitcoin ETFs. By that time, it can approve, disapprove or further delay the final decision on the BTC ETFs. 

It is important to note that the proposed rule change was published on 19 July to enable the public to submit their inputs. Nevertheless, the SEC has made another 45-day extension, which has shifted its decision date on BTC ETFs to 17 October. 

In the filings the SEC confirmed that by the stated date its mandate will be to approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

All the cited applicants hope to launch their first bitcoin ETFs which will likely increase retail investment in BTC without holding the crypto asset. That will create convenience for investors since there will be no need to set digital wallets required to manage their bitcoin holdings. Further, they will not worry about directly buying and selling of BTC. 

According to the United States laws, the SEC has up to 240 days from its first review to make a final decision on each and every application. 

Read also: [Female Crypto Influencers In The World](https://www.gate.io/blog_detail/588/female-crypto-influencers-in-the-world "Female Crypto Influencers In The World")

## Crypto Influencers’ Reaction to the Postponement of the SEC’s Final Decision Making on BTC ETFs

Many [crypto influencers](https://www.gate.io/blog_detail/841/follow-these-top-crypto-influencers-in-2022 "crypto influencers") have commented on the SEC’s decision to postpone its decision on the outcome of the BTC ETF applications. First, some influencers said that they expected the SEC to delay its final decision on the applications. 

For example, Bloomberg’s James Seyffart expected such delays to occur. He said, “Would have been a shock if they were approved this week,” Seyffart stated.”

On the other hand, a crypto influencer known as Bitcoin Therapist believes that the SEC’s decision to postpone its final [decision on BTC ETFs](https://www.gate.io/blog_detail/379/what-are-bitcoin-etfs-bitcoin-etfs-explained "decision on BTC ETFs") will negatively affect it. In fact, he said that such a decision will “back fire massively in the face of the SEC.”

![](https://gimg2.gateimg.com/image/article/1694599253unnamed.png)
The SEC to Regret the Delay on BTC ETF Decision - Twitter 

Bitcoin Therapist’s view could be that the United States may lose out by delaying the approval of the BTC ETFs since we are approaching critical events like bitcoin halving which may influence the further adoption of BTC. 

Another Twitter Influencer, Scott Melker, with more than 910,000 followers, criticized the investors who sold bitcoin before the news of the SEC’s postponement of its final decision. [He said](https://twitter.com/scottmelker/status/1697330728462176602?s=20 "He said"), “Here’s an uncomfortable question…Who knew in advance that the ETFs would be delayed and was able to sell off Bitcoin? Sell the news is one thing.  Sell before the news is fishy.”

Melker’s premise is that some of the investors who sold their bitcoin were misled. That is why another Twitter user, by the username [Skidrowcrypto commented](https://twitter.com/skidrowcrypto/status/1697449955211014401 "Skidrowcrypto commented"),  “A lot of people listen to the wrong people about this kinda stuff—all the pundits that told them a decision was imminent just for engagement—as if the very first Bitcoin spot ETF would be decided in a few or several weeks.”

Another expert who criticized the delay was Judge Neomi Rao who said that the delay in making a decision on BTC ETFs was inconsistent with the approval of bitcoin futures ETFs. In fact, RAO questioned  why the SEC views this type of investment assets differently from the underlying bitcoin market. 

Rao said, "First, the underlying assets – bitcoin and bitcoin futures – are closely correlated. And second, the surveillance sharing agreements with the CME are identical and should have the same likelihood of detecting fraudulent or manipulative conduct in the market for bitcoin and bitcoin futures."

Rao said this when she passed a judgement against the United States Securities and Exchange Commission in a case against Grayscale. As a fact, Grayscale had taken the SEC to court for rejecting its bitcoin ETF application resulting in the federal court’s ruling that the SEC should review the rejection of Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) to a bitcoin ETF.

By doing that the court is not forcing the SEC to approve Grayscale’s application [for a BTC ETF](https://www.gate.io/learn/articles/what-is-a-bitcoin-etf/218 "for a BTC ETF"). Nevertheless, according to analyst Mark Palmer, Grayscale’s victory against the SEC has increased the likelihood that it “will finally approve one or more spot bitcoin ETF applications.”

Read also: [Earn Crypto Income with Gate.io's Influencer Program](https://www.gate.io/blog_detail/1938/earn-crypto-income-with-gate.io-s-influencer-program "Earn Crypto Income with Gate.io's Influencer Program")

## SEC’s Enforcement Action in the Recent Times

The SEC announced the postponement of its decision on bitcoin ETFs two days after the federal court’s ruling that the SEC should review the reason for its rejection of Grayscale BTC ETF. That Grayscale victory against the SEC led two Bloomberg analysts to conclude that there is a 75% chance that the BTC ETF will be approved. 

Nevertheless, the delay in making a decision on the 7 spot Bitcoin ETFs shows the uncertainty that exists in the cryptocurrency sector due to lack of clear crypto regulation. It also indicates a need for proper crypto promotion to influential office bearers like the regulators. 

Read also: [TikTok and YouTube Influencers Wanted!](https://gate.io/article/26891/?ch=en_sm_0622 "TikTok and YouTube Influencers Wanted!")

## Conclusion

Several crypto influencers have voiced their concerns over the SEC’s delay to make its final position on the 7 spot Bitcoin ETFs. Instead, the SEC said that it will make the decision on BTC ETFs starting from 17 October. In all, there are several analysts who believe that the SEC is likely to approve at least one BTC ETF. 


<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

简体中文

English

Tiếng Việt

Español

Русский язык

Français

ภาษาไทย

日本語

Indonesia

Deutsch

عربي

Português (Portugal]

Português (Brasil]

繁體中文

Українська

Several crypto influencers have castigated the SEC for postponing its decision on bitcoin ETFs. However, some analysts have anticipated a possibility of such delays.

福利中心

小红花-Learn & Explore-博客

小红花-Learn & Explore-快讯

币圈-币圈-未来事件

小红花-Learn & Explore-聊天室

小红花-Learn & Explore-直播

小红花-Learn & Explore-动态

币圈

Gate OTC

芝麻金融-更多-财富管理

机构-APIs

机构-大宗交易服务

机构-经纪商项目

全球做市商计划

机构-托管和资产管理

机构借贷

机构-做市商项目

小红花-Promotions-机构和VIP服务

量化基金

机构-基础架构

机构-交易

机构-金融

结构化产品

机构-主页

衍生品-统一账户

芝麻金融-更多-抵押借币

vip服务

机构

策略跟单

现货跟单

交易-合约跟单

跟单

量化策略-探索

量化策略-进阶

量化策略-基础

交易-机器人广场

创建机器人

探索机器人

杠杆网格

无限网格

期现套利

组合指标策略

智能调仓

现货马丁格尔

合约网格

现货网格

交易机器人

芝麻金融-更多-ETH2.0挖矿

芝麻金融-更多-法币理财

链上赚币

芝麻金融-理财-双币宝

芝麻金融-理财-定期理财(屯币)

芝麻金融-理财-结构性理财

芝麻金融-理财-理财宝

芝麻金融-理财-余币宝

GT挖矿

芝麻金融-更多（理财产品）

芝麻金融-理财（打新）

launchpool

launchpad

赚币-HODLer Airdrop

candy_drop

web3 Airdrop

赚币

模拟交易

衍生品-期权

衍生品-交割合约

衍生品-永续合约

合约入门

合约活动

衍生品

交易-杠杆ETF

交易-杠杆交易

交易-闪兑

交易-现货交易

交易-创新交易

交易-交易工具

交易-交易类型

交易-盘前交易

交易

行情

买币-gateCard

卖币

买币-快捷交易

买币

买币-paywith

法币定投

小红花-推广

新手指南

活动中心

小红花-Learn & Explore-学院

小红花-Exchange-最新公告

小红花-Exchange-帮助中心

gate商店

小红花-Promotions-邀请计划

小红花-promotions-代理商

储备金

合作伙伴

cextg小程序

小红花

web3

Crypto Influencers Fuel Speculation as SEC Delays Bitcoin ETF Decision