The regulator is reviewing more than half a dozen bitcoin ETF applications and has now announced delays for some of the applications, including Galaxy and WisdomTree.
Already down sharply on the day, bitcoin fell further on the news, now off 4.1% over the past 24 hours to $26,100., from both crypto-heavy and traditional finance firms like Wise Origin , BlackRock and Invesco Galaxy, last month. The applicants hope to launch the first spot bitcoin ETF, which advocates have argued would allow for greater retail investment in the bitcoin space while saving investors from the troubles of setting up a wallet or having to buy bitcoin directly.
Earlier this week, the D.C. Circuit Court of Appeals ruled that some of the regulator's arguments in rejecting bitcoin ETF applications seemed"," after Grayscale argued that the SEC didn't have a firm basis to reject its bid to convert the Grayscale Bitcoin Trust into an ETF. Grayscale and CoinDesk share a parent company in Digital Currency Group.
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