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Crypto Influencers Stir The Pot as SEC Delays Bitcoin ETF Decision

2 mins
Updated by Kyle Baird
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In Brief

  • Crypto influencers speculate on SEC's decision to delay seven Bitcoin ETF applications, including BlackRock.
  • Scott Melker questions who knew about the ETF delays in advance and sold off Bitcoin before the news.
  • Grayscale's Chief Legal Officer criticizes SEC for perceived slowness in carrying out their responsibilities.
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Following the United States Securities and Exchange Commission’s (SEC) decision to delay seven applications for spot Bitcoin exchange-traded funds (ETF) in the US, influencers have chimed in with their opinions.

While some influencers “fully expected” the delay, others believe it’s taking far too long.

Crypto Influencers Speculate On SEC’s Bitcoin ETF Delay

Crypto influencers worldwide have been sharing speculative remarks on X (formerly Twitter) after the SEC’s decision to delay the verdict on seven Bitcoin ETF applications.

Several prominent influencers expected a delay, even though one of those applications belongs to the world’s largest asset manager, BlackRock.

Bloomberg’s James Seyffart declared that he “fully expected” delays to happen. He alluded that he would have been more surprised if it was a different outcome. “Would have been a shock if they were approved this week,” Seyffart stated.

However, The Bitcoin Therapist stated to his 45,100 followers that the decision to delay is going to “back fire massively in the face of the SEC.” His reasoning centered on a predicted series of events, which included the approval of Bitcoin ETFs, followed by the Bitcoin halving in April 2024, and concluded with nationwide adoption.

Meanwhile, Scott Melker, known to his 910,000 followers as “Wolf of All Streets,” publicly criticized those who sold Bitcoin before the news.

“Here’s an uncomfortable question…Who knew in advance that the ETFs would be delayed and was able to sell off Bitcoin? Sell the news is one thing.  Sell before the news is fishy.”

On August 30, Bitcoin’s price jumped almost 7.2% after Grayscale’s successful appeal against the SEC. The US appeals court ruled that the SEC’s basis for rejecting Grayscale’s Bitcoin ETF application was not valid, mandating that it be reassessed.

This stirred optimism within the industry, with many seeing it as a positive for all Bitcoin ETF applications.

However, in the last 24 hours, the price has experienced a decline of approximately 4.50%. At the time of publication, the current price is $25,988.

Bitcoin Price Chart 1 Day. Source: BeInCrypto
Bitcoin Price Chart 1 Day. Source: BeInCrypto

False Hopes For Crypto Community

The filings were unveiled over the course of several hours. WisdomTree received the first announcement of a delay, with the others following suit. However, it was BlackRock that received the last announcement.

Some X users speculated that the time gap between the six applications and BlackRock indicated potential approval for BlackRock. However, Grayscale’s legal team did not share the same level of confidence.

To learn more about Bitcoin’s halving cycle, read BeInCrypto’s guide: Bitcoin Halving Cycles And Investment Strategies: What To Know

Craig Salm, Grayscale’s Chief Legal Officer, voiced criticism toward the SEC for their perceived slowness in announcing the seven delays.

Salm sarcastically explained that the delays in the Bitcoin ETFs did not come “out at once” because SEC staff needed to make sure they accurately changed the company names on each document, as the wordings were the same for each.

Top crypto platforms in the US | March 2024

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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