This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Crypto enthusiasts are eagerly awaiting news of the first spot Bitcoin Exchange-Traded Fund (ETF) approval by the US Securities and Exchange Commission (SEC). However, the SEC has recently delayed its decision on Franklin Templeton and Hashdex’s spot Bitcoin ETF applications, surprising industry analysts. This delay is believed to be part of an effort to line up all 12 applications for approval. Experts have reacted to this move, with some seeing it as a positive sign. James Seyffart, a Bloomberg ETF analyst, suggests that this delay could be an approval for 19b-4 approvals, indicating that the Commission may not be ready to approve S-1s yet. Scott Johnson, a finance lawyer at Davis Polk, believes that the early decision by the SEC is to finish the comment period by January 10, setting up a simultaneous approval for all applicants. This potential approval could have a significant impact on the price of Bitcoin, which currently stands at $37,941.57 with a bullish market sentiment.