The SEC has actually simply postponed BlackRock, Fidelity, WisdomTree, Invesco & Galaxy, VanEck, Bitwise, and Valkyrie’s spot Bitcoin ETF applications, as initially reported by Bloomberg ETF experts James Seyffart and Eric Balchunas.
This was the very first SEC choice due date in the listing procedure for these candidates because filing, with the delays pressing these applications back another 45 days. The next bulk of due dates are being slated for the middle of October.
Earlier today, Grayscale won its suit with the SEC, leading to the DC Circuit court of appeals abandoning the SEC’s rejection of Grayscale’s $GBTC conversion into a spot Bitcoin ETF. This indicates it will be returned to the SEC, in which now the commission has 45 days to appeal and apply for an en banc hearing, if they want to do so.
While this success in court does not indicate GBTC is instantly being transformed to a spot Bitcoin ETF, this judgment does assist bring us one action more detailed to one being authorized by the SEC. Because the U.S. court of appeals shot down the SEC’s thinkings for rejecting Grayscale’s application, mentioning, “The Commission neither disputed Grayscale’s evidence that the spot and future markets for bitcoin are 99.9% correlated, nor suggested that market inefficiencies or other factors would undermine the correlation…The Commission’s unexplained discounting of the obvious financial and mathematical relationship between the spot and futures markets falls short of the standard for reasoned decision making.”
Yesterday, Bloomberg experts Seyffart and Balchunas upped their approval chances by the SEC for a spot Bitcoin ETF to 75% by the end of this year, and to 95% by the end of 2024.
More details on the U.S. spot Bitcoin ETF race can be discovered here.
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