SEC Delays Decision On Spot Bitcoin ETFs, Including BlackRock, During Looming Government Shutdown

In late September 2023, the US Securities and Exchange Commission postponed decisions on several spot bitcoin ETF applications, including those from BlackRock, Invesco, Bitwise and Valkyrie, around two weeks before deadlines that fell between 16 and 19 October. The early move appeared to be influenced by the prospect of a US government shutdown, with the House and Senate deadlocked over funding, and left the SEC facing final deadlines in mid-March 2024.

Bloomberg ETF analyst James Seyffart expected similar delays for Fidelity, VanEck and WisdomTree. The article notes that a bipartisan group of US Representatives, Tom Emmer, Mike Flood, Ritchie Torres and Wiley Nickel, had written to Gary Gensler, then SEC Chair, urging swift approval, and that it was unclear whether the SEC would appeal a court ruling in Grayscale’s favour.