SEC Delays Bitcoin Spot ETF Rulings Again Amid Potential Shutdown

• The SEC extended review window for spot bitcoin ETF applications from Ark 21Shares, Global X, and others.
• Interim deadlines have been moved up by the SEC to allow more time for final rulings in January and November.
• SEC now has until January 10th to decide on the Ark 21Shares/21Shares Bitcoin ETF and until November 21st for the Global X Bitcoin Trust ETF.

The SEC has extended its review window for spot bitcoin ETF applications from Ark 21Shares, Global X, and others yet again. The latest deadline push comes as the agency braces for a potential federal government shutdown this week.

On Tuesday, the SEC moved up interim deadlines to designate more time before final rulings must be made in January and November. The SEC now has until January 10th to decide on the Ark 21Shares/21Shares Bitcoin ETF, and until November 21st for the Global X Bitcoin Trust ETF.

This continues the years-long streak of the SEC taking the maximum 240 days allowed to rule on bitcoin ETFs. The agency has rejected over a dozen spot bitcoin ETFs so far, arguing they cannot prevent fraud or manipulation in crypto markets.

SEC keeps extending Bitcoin Spot ETF approval

However, a recent court order said the SEC must re-evaluate those rejections in light of bitcoin futures ETF approvals. This mounting legal pressure makes the next rulings especially consequential.

In the past, the SEC has used deadlines nearing potential shutdowns to ask applicants to withdraw their ETF filings entirely. This avoids making a precedent-setting rejection ruling.

While disappointing for applicants, extending reviews provides more time for the SEC to solidify its bitcoin ETF position amidst the complex landscape. Rushing watershed decisions on half-baked reasoning risks severe consequences.

Of course, endless delays also stifle progress and leave innovators in limbo. But measured consideration is arguably preferable to hasty, flawed verdicts.

For now, bitcoin ETF applicants must continue playing the long waiting game as the SEC grapples with shifting crypto sentiment and hurdles beyond just their filings. Patience remains key to see this Sisyphean regulatory process through.