SEC Faces Deadlines to Decide on Bitcoin ETF Applications Amid Grayscale's Victory
Summary:
The United States SEC faces deadlines to decide on seven Bitcoin spot ETF applications, following its defeat to Grayscale Investments. Bitwise, BlackRock, VanEck, Fidelity, Invesco, Wisdomtree, and Valkyrie await the SEC's decisions. Grayscale's victory increases chances of success for future applicants. SEC's options include approving Grayscale's application or revoking Bitcoin futures ETFs. The possibility of revoking futures ETFs is considered unlikely due to SEC's openness to Ethereum futures ETFs.
The United States Securities and Exchange Commission is facing impending deadlines to make decisions on seven new Bitcoin spot exchange-traded fund (ETF) applications. The latest deadline is set for September 4, following the SEC's defeat to Grayscale Investments in a U.S. federal appeals court. Investment firm Bitwise will find out about its ETF's approval on September 1, while BlackRock, VanEck, Fidelity, Invesco, and Wisdomtree will all eagerly await the SEC's decision on their funds by September 2. Valkyrie will also hear back from the SEC on September 4. The recent ruling in favor of Grayscale's application has raised the prospects of success for the remaining applicants. However, it remains uncertain when the SEC will make its final decisions, as it has the ability to delay and has additional proposed deadlines. The final deadlines for the awaiting applicants are in mid-March of next year. The SEC now has the option to file an appeal with the U.S. Supreme Court or apply for an En banc review. The SEC's next move is unclear, and if it doesn't appeal, the court will need to specify how the ruling is executed. There are two likely options for the regulator: approving Grayscale's conversion of its GBTC to a Bitcoin spot ETF or revoking the listing of Bitcoin futures ETFs entirely. However, the latter option is deemed highly unlikely due to the SEC's reported openness to Ethereum futures ETFs.
Published At
8/30/2023 3:19:12 AM
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