Best Crypto to Buy Now September 29 – Compound, ApeCoin, Pepe
The fate of a spot bitcoin exchange-traded fund (ETF) in the U.S. remains in limbo as the Securities and Exchange Commission (SEC) continued to delay decisions on several high-profile applications on September 28.
The regulator postponed judgments on filings from financial giants BlackRock and Invesco, along with crypto asset managers Bitwise and Valkyrie. This marks the second extension for these applicants in the past month.
Given the latest news on Bitcoin ETFs, what is the best crypto to buy now?
The delays come ahead of a looming U.S. government shutdown which could disrupt operations at several federal agencies, including halting work at the SEC. With the shutdown slated to start October 1, the SEC expedited its ETF delay announcements this week.
The postponements have intensified speculation around if and when the first spot Bitcoin ETF will be approved. Earlier this year, the SEC rejected an application from Grayscale to convert its popular Bitcoin Trust into an ETF. However, a recent court ruling overturned that decision in a move that could pressure the SEC to approve other filings.
In addition to the delayed applications, at least seven firms have submitted new Bitcoin ETF filings in 2022. Major financial players Fidelity and Ark Invest are among those awaiting decisions this month.
According to James Seyffart, ETF analyst at Bloomberg, additional delays are likely given the disrupted regulatory environment. "With the government shutting down, the SEC is inclined to put off any final rulings until full operations resume," he said.
Sources say the repeated delays highlight the cautious stance of SEC Chairman Gary Gensler towards cryptocurrency-based funds. In a recent interview, Gensler said the agency is focused on
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