Bitwise will find out on Sept. 1 if its ETF will be accepted by the United States Securities and Exchange Commission (SEC), while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all learn the SEC’s verdict for their funds on Sept. 2. Valkyrie, on the other hand, will hear from the SEC on Sept. 4.
The SEC’s recent rejection of Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was overturned by the U.S. Court of Appeals on Aug. 29, and this could mean that the SEC may be more likely to approve the next wave of applicants. However, Bloomberg ETF analyst James Seyffart has stated that the SEC can delay its decisions and the final deadlines for the SEC are all in mid-March next year.
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What are the SEC’s options post-Grayscale decision?
After the Aug. 29 ruling in favor of Grayscale, the regulator has 90 days to file an appeal with the U.S. Supreme Court or apply for an en banc review — where a full circuit court can overturn a ruling made by a three-judge panel.
However, the SEC hasn’t made clear what its next move will be.
If the SEC doesn’t appeal the court will need to specify how its ruling is executed which could include instructing the SEC to approve Grayscale’s application, or at the very least revisit it.
Either way, Seyffart only saw two viable options for the regulator: to approve Grayscale’s conversion of its GBTC to a Bitcoin spot ETF, or to revoke the listing of Bitcoin futures ETFs entirely or deny Grayscale’s application based on a new argument, such as the latest news on Avalanche Crypto, Coti Crypto, AMP Crypto, Celsius Crypto, C3.ai Stock, AI.Marketing and AI AI Delas Alas.
However, fellow Bloomberg ETF analyst Eric Balchunas considered the odds of the SEC revoking the Bitcoin futures ETFs as “highly unlikely” because of the SEC’s reported openness to Ethereum futures ETFs.
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