Bitcoin & Ether Spot ETF Update
This morning, the SEC simultaneously delayed HashDex's Bitcoin Spot ETF & Grayscale's Ether Futures ETF. This is important because:
1/ HashDex's Bitcoin ETF was postponed, resulting in the scenario of the SEC simultaneously approving 12 ETFs in a gap of 8 days (November 11 - 18) also being eliminated.
In 2023, there are only 2 deadlines left for the Bitcoin Spot ETF:
- By Franklin Templeton, deadline is tomorrow November 17
- From GlobalX, deadline is November 21
If there are no surprises, all expectations will shift to 2024
2/ Grayscale's Ether Futures ETF is postponed, although the SEC recently approved a series of Ether Futures ETFs from other companies to launch
This stems from a difference in how Grayscale filed its proposal with the SEC:
Grayscale's ETF is filed under the 1933 securities rule, which is different from the 1940 rule Ether ETFs previously approved by the SEC. This is considered a move to force the SEC to approve the Ether Spot ETF:
- If the SEC approves => Grayscale will use this news to force the SEC to approve the Spot ETF (Also filed under the 1933 law)
- If the SEC refuses => Grayscale will sue the SEC for discriminating between the 1933 ETF and the 1940 ETF (Grayscale used this method to win the GBTC lawsuit)
The blockbuster movie ETF only premieres in about 2 months. Any delay or positive signal can easily cause Bitcoin to go on a roller coaster ride. Please be very careful EA!
Source: 5 Minute Crypto
