Asia-Pacific Banks Brace for Rising Credit Risks Amid Iran Conflict 
Ethereum’s Momentum Stalls: ETH/USD Finds Support Near Critical Levels Amid Market Pullback 
Trump-Xi Summit Sparks Renewed Hope for Americans Detained in China 
Florida Launches Criminal Probe Into OpenAI Over FSU Shooting Incident 
ICC Pressure Mounts as Families of Duterte Drug War Victims Demand Justice 
U.S. Army Soldier Charged in $400K Insider Betting Scheme on Maduro Capture 
Trump Administration Files Fraud Charges Against Southern Poverty Law Center Over Informant Payments 
US Stock Futures Slip as Iran Tensions and Hot Inflation Data Pressure Wall Street 
Judge Delays SEC Settlement With Elon Musk Over Twitter Stock Disclosure Case 
Gold Prices Hold Steady as Investors Monitor U.S.-Iran Tensions and Trump-Xi Summit 
U.S. Urges China to Help Curb Iran’s Actions in Gulf, Rubio Says 
Arcadia Mayor Eileen Wang Pleads Guilty in China Foreign Agent Case 
Judge Rules DOGE Humanities Grant Cuts Unconstitutional 
Oil Prices Slip as Strait of Hormuz Disruptions and U.S. Inventory Data Keep Markets on Edge 
SEC postpones decision on spot Bitcoin ETF proposals, affecting BlackRock and Invesco, among others. The delay adds uncertainty despite increased chances of eventual approval highlighted by a recent Grayscale court victory over the SEC.
According to filings made on September 28, as reported by Cointelegraph and The Block, additional proposals from Fidelity, VanEck, and WidsomTree are also expected to face postponements. These delays coincide with concerns surrounding an anticipated government shutdown.
Government Shutdown Concerns
The timing of these delays is linked to the potential U.S. government shutdown scheduled for October 1. Both chambers of Congress have yet to agree on funding bills to finance government operations. To avoid a shutdown, Congress must pass 12 separate full-year funding bills by the October 1 deadline. The expected shutdown would disrupt the functioning of the country's financial regulators and other federal agencies.
The latest setback for the spot Bitcoin ETF applicants came two weeks earlier than the anticipated second deadline. Originally, applicants expected to hear from the SEC between October 16 and October 19. However, the third set of deadlines, scheduled for around mid-January, may also face delays. The SEC must make a final decision by mid-March at the latest.
Increased Probability of Spot Bitcoin ETF Approval
Following the recent court win by Grayscale over the SEC, as reported by EconoTimes, the probability of a spot Bitcoin ETF being approved has increased. Bloomberg ETF analyst Eric Balchunas estimates the chances of approval to be 75% by the end of 2023, up from an earlier estimate of 65%. Balchunas predicts a 95% probability of approval by the end of 2024.
The SEC's delay impacts several proposals for spot Bitcoin ETFs, including those from BlackRock, Invesco, Bitwise, and Valkyrie. Concerns over an impending U.S. government shutdown contributed to the timing of the postponements. Future deadlines for spot Bitcoin ETF applicants also face uncertainties, potentially causing further delays.
Despite these setbacks, the recent court win by Grayscale has increased the likelihood of spot Bitcoin ETF approval in the coming years.
Photo: Aleksi Räisä/Unsplash
