The U.S. Securities and Exchange Commission faces the first deadline to decide on seven new Bitcoin (BTC) spot ETF applications, the latest being defeated by Grayscale Investments in U.S. Federal Court of Appeals. In the middle, it is September 4th.
Investment firm Bitwise plans to find out whether its ETFs will receive SEC approval on Sept. 1, while BlackRock, VanEck, Fidelity, Invesco and WisdomTree all have until Sept. 2 to announce their ETFs. Awaiting the SEC’s decision on the fund. according to In some SEC filings.
Meanwhile, Valkyrie is expected to receive a response from the SEC on September 4th.
On August 29, the U.S. Court of Appeals ruled that the SEC’s denial of Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was “arbitrary and capricious.” made a verdict. But that doesn’t mean the SEC has to approve Grayscale’s filing, Bloomberg ETF analyst James Seyfert says, and other financial institutions will in the future.
In an August 29 Bloomberg interview, Seyfert said: explained Grayscale’s victory “surely” increases the chances of success for the next wave of applicants.
However, the SEC may delay the decision, and with two more deadlines proposed for each fund before it is forced to make a final decision 240 days after filing, it’s unclear when that day will come. It says.
For those awaiting applicants, the final deadline with the SEC is mid-March next year.
99.99999% of the world is unaware that the SEC has to decide on 7 BTC ETFs within the next 3 days.
– black rock
– bitwise
– Vanek
-Wisdom Tree
-Invesco
-Fidelity
-Valkyriesuits on our doorstep
— Odin Free (@odin_free) August 29, 2023
What are the SEC’s options after a grayscale decision?
Regulators have been given 90 days after today’s ruling in favor of Grayscale File You can appeal to the U.S. Supreme Court, file for full court review, or the Circuit Court can overturn a decision handed down by a three-judge panel.
However, the SEC has not disclosed its next move.
If the SEC does not appeal, the court will need to specify how to enforce the judgment, which could include directing the SEC to approve, or at least reconsider, Grayscale’s application.
Related: Grayscale vs. SEC Bitcoin ETF Win Pushes BTC Price To 2-Week High
Either way, Seyfert sees only two viable options for regulators.
The first is to concede defeat and approve Grayscale’s conversion of GBTC into a Bitcoin spot ETF.
Alternatively, the SEC would have to delist the Bitcoin futures ETF entirely or reject Grayscale’s application based on the new argument, Seyfert said.
The second potential avenue is denial for reasons not ever/yet used…I have been saying for months that it could have something to do with custody or settlement #bitcoin Futures ETFs need not worry about this. SEC makes a lot of noise around admins
— James Seyfert (@JSeyff) August 29, 2023
But Eric Balchunas, also a Bloomberg ETF analyst, said: considered Given that the SEC is reportedly tolerant of Ethereum futures ETFs, it is “very unlikely” that the SEC will cancel the Bitcoin futures ETF.
Lol, this guy turned the last paragraph of Judge Rao’s legal denunciations into an MGMT-esque Saisbanger today. You really capture the atmosphere, well done. https://t.co/BBJZR5O6To
— Eric Balchunas (@EricBalchunas) August 29, 2023
magazine: Hall of Flame: Wolf Of All Streets Worries About A World Where Bitcoin Hits $1 Million
