Coinbase Web 3.0 - SEC Delays Decision on 6 Spot Bitcoin ETF Applications
SEC delays decision on 6 spot Bitcoin ETF applications

Investing in Web 3.0

The United States Securities and Exchange Commission (SEC) has delayed the decisions on six applications for Bitcoin Exchange-Traded Funds (ETFs). According to SEC filings dated Aug. 31, the commission has issued a longer period to consider the proposed rule changes for listing the investment vehicles, giving the SEC until October to approve, deny or defer a verdict.

Speculation was rife that the SEC could approve a spot Bitcoin ETF in the U.S. after the commission lost a court case brought by asset manager Grayscale. On Aug. 29, an appellate court ruled that the SEC would need to review Grayscale’s petition to convert its Bitcoin Trust into an ETF, which increased the chances of at least one spot crypto ETF being approved.

WisdomTree, VanEck, Invesco Galaxy, Bitwise and Valkyrie, as well as the Wise Origin Bitcoin Trust proposed by Fidelity, have all applied for a spot Bitcoin ETF. WisdomTree had initially filed its application in 2021, but refiled it after BlackRock joined the spot Bitcoin ETF race. Following reports that the SEC would be more open to accepting ETF applications with a surveillance-sharing agreement, some firms refiled, naming Coinbase as a partner.

Investing in Web 3.0 is becoming increasingly popular, with many people asking how to get a job in the sector and how to invest in the technology. Examples of Web 3.0 applications include Microsoft Open AI and the Apple Health application. For those looking to invest in Web 3.0, Coinbase is a popular option.

WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise and Invesco are among the many firms that have submitted crypto ETF applications to the SEC, including BlackRock and ARK Invest. Many expected the SEC to make a decision or delay approval of Bitwise’s BTC investment vehicle first, as its deadline was Sept. 1. With Labor Day, which falls on Sept. 4 in 2023, being a national holiday in the U.S., it appears the commission may want to get the filings in before the weekend.

Coinbase Web 3.0, Microsoft Open AI and Apple Health Application are all examples of Web 3.0 applications. If you are interested in investing in Web 3.0, you can look into the various applications that are available and determine which one best meets your needs. Additionally, you can look into job opportunities in this area to get a better understanding of how to get involved in Web 3.0.

Additional reporting by Prashant Jha.

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