US SEC, Security and Exchange Commission, has delayed the deadline for submitting the Bitcoin ETF applications till October 2023. Due to some undisclosed reasons, the US SEC has decided to delay the deadline dates on seven different Bitcoin ETF (Exchange-Traded Fund) applications.

The new date for Bitwise application is the 16th of October 2023. While, the submission date for Invesco Galaxy, VanEck, Fidelity, and BlackRock is the 17th of October 2023. However, WisdomTree will have to wait till the 19th of October 2023 to ensure the decision to be made for its application.

SEC’s Details of the Case

The US SEC has been reviewing the details of the case and applications since July 2023. SEC requires 240 days to work on the details and to declare the final decision. SEC went through the details of the agenda and extended the Ark 21 Shares and Spot Bitcoin ETF’s review.  This news adversely affected the Bitcoin (BTC) market which dropped below 4.19% and currently trading at the volume of $26,044.19.

Applicants are reviewing the market and aim to launch their first spot bitcoin ETF. They believe that launching spot bitcoin ETF would work out for retail investment and save investors from the troubles of setting wallet or buying Bitcoin directly. Keeping such a scenario in sight, the SEC decided to delay the dates to go through the details thoroughly.

Bitcoin ETF Applications Controversy

Recently, the D.C. Circuit Court heard the arguments of the regulators who claimed to reject bitcoin ETFs by calling it “capricious and arbitrary”. Grayscale faced the SEC and claimed that they didn’t have solid ground for rejecting the bid to convert Grayscale Bitcoin Fund to an ETF.

Neomi Rao, the Judge in court gives his point of view in this case and he says that SEC’s claim is not as clear and specific as it should be. He adds that the SEC approved 2 bitcoin futures ETFs but not this one and he wonders about why the SEC treated them differently. SEC had to face the same sort of arguments in rejecting ETFs so it decided to review the details once more.