Bitcoin ETFs Delayed: SEC Actions & Global Crypto Growth

Bitcoin ETF Delays and Regulatory Pressure

The Securities and Exchange Commission (SEC) has again delayed decisions on several Bitcoin ETF applications, sparking debate and prompting congressional action. Noelle Acheson, author of the Crypto Is Macro Now newsletter, provides insightful analysis on these developments and the growing pressure on the SEC to approve spot Bitcoin ETFs. This follows recent hearings held by the U.S. House Financial Services Committee.

Congressional Scrutiny and Pressure

U.S. House lawmakers are urging SEC Chairman Gary Gensler to approve spot Bitcoin ETFs immediately. This reflects a growing sentiment that the current regulatory approach to cryptocurrencies needs further clarification and streamlining.

European Crypto Expansion Amidst Regulatory Uncertainty

Despite regulatory uncertainty, major cryptocurrency platforms are actively expanding their operations in Europe. Coinbase's registration with Spain's central bank, Kraken's advancements in Spain and Ireland, and Binance's resumption of operations in Belgium highlight this trend.

These moves signify a growing confidence in the long-term potential of the European crypto market despite regulatory challenges.

Global Macroeconomic Factors

It's crucial to consider the broader macroeconomic landscape impacting the crypto industry. Recent news includes:

Japan's plan to compile an economic package to alleviate inflation.
China's central bank's plans to boost economic recovery.
Concerns about low oil levels at the Cushing oil hub.

These global events are likely influencing the overall crypto market sentiment, including the decisions around Bitcoin ETFs.

Government Shutdown Implications

The looming U.S. government shutdown presents additional uncertainty for the crypto market, potentially further delaying decisions on ETF applications and other regulatory actions.

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