The U.S. Securities and Exchange Commission (SEC) is postponing a decision on seven spot bitcoin ETFs
Date: 2023-09-01 Author: Karina Ziganova Categories: IN WORLD
On August 31, the U.S. Securities and Exchange Commission (SEC) delayed decisions on proposed rule changes related to spot bitcoin ETFs.
The repeal was prepared by SEC notices that are terminating Fidelity (Wise Origin), VanEck and Invesco. These individuals are going to propose a spot Bitcoin ETF offer via the Cboe BZX exchange website as part of a proposal to change the rules for futures on the ICO exchange. For BlackRock (iShares) and Valkyrie Investments, other notices are delaying decisions as to whether they plan to offer ETFs through Nasdaq. Another delay came with Bitwise intending to implement its ETF through the NYSE Arca.
Until October 17, the SEC delayed most of its decisions. But his decision on Valkyrie has been postponed until October 19th, and the final decision on Bitwise has been pushed back to October 16th.
It remains unclear whether the SEC can once again delay its decisions until the next deadline is reached. Despite this, all listed companies have rejected their previous applications for SEC bitcoin ETF. In the event that the SEC rejects the last round of ETF offerings in October, applicants have the opportunity to submit new applications once again, renewing the cycle of approvals, delays, and denials.
The latest ETFs are expected to be promising but not guaranteed.
The attractiveness of the rule change proposal and the latest batch of Bitcoin ETF spot applications make these applications look promising. One of the first in this round of proposals was asset management giant BlackRock. Thanks to BlackRock, it has two advantages: it is highly valued by previous ETF offerings; and their proposed Spot Bitcoin Option is based on Coinsbase to form a joint oversight agreement.
Some of the current applications are directly related to BlackRock, and therefore some people think that all these applications will be successful if Blindrock succeeds.
Satisfying the legal aspects for Grayscale, which is set to convert its GBTC fund into an exchange-traded fund, helped the general optimism. Despite this, Grayscale's win keeps it from offering a spot Bitcoin ETF. And the plans of this trader are somewhat different from those plans that other investors had before this news appeared.
The SEC has yet to approve any spot bitcoin ETFs. As a result, the SEC will not necessarily approve any proposals in the next term given any optimism.
