SEC’s first deadlines to approve 7 #bitcoin ETFs coming over the next week
Analysts say the best-case scenario for crypto is that the Securities and Exchange Commission approves the batch of spot Bitcoin ETFs, but the agency may exercise its right to an appeal.
The United States Securities and Exchange Commission is facing its first deadlines to decide on seven spot Bitcoin
exchange-traded fund applications, with the latest being Sept. 4 amid its defeat to Grayscale Investments in a U.S. federal appeals court.
Investment firm Bitwise will learn if its ETF will win the SEC’s approval on Sept. 1 while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all be awaiting the SEC’s decision for their funds by Sept. 2, according to several SEC filings.
Meanwhile, Valkyrie is set to hear back from the SEC on Sept. 4.
The U.S. Court of Appeals ruled on Aug. 29 that the SEC’s rejection of Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was “arbitrary and capricious” — but this doesn’t mean the SEC must approve Grayscale’s application or others in the future, says Bloomberg ETF analyst James Seyffart.
In an Aug. 29 Bloomberg interview, Seyffart explained that Grayscale’s win “definitely” increases the odds of a successful outcome for the next wave of applicants.
He isn’t sure when that day may come, though, as the SEC can delay its decisions and has two more proposed deadlines for each fund before being forced to make a final decision on the 240th-day post-filing.
For the awaiting applicants, the final deadlines for the SEC are all in mid-March next year.
