<\/p>\n
The United States Securities and Exchange Commission is facing its first deadlines to decide on seven new Bitcoin (BTC<\/a>) spot exchange-traded fund applications with the latest being Sept. 4 amid its defeat to Grayscale Investments<\/a> in a U.S. federal appeals court.<\/p>\n Investment firm Bitwise will learn if its ETF will win the SEC\u2019s approval on Sept. 1 while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all be awaiting the SEC\u2019s decision for their funds by Sept. 2, according<\/a> to several SEC filings.<\/p>\n Meanwhile, Valkyrie is set to hear back from the SEC on Sept. 4.<\/p>\n The U.S. Court of Appeals ruled on Aug. 29 that the SEC\u2019s rejection of Grayscale\u2019s application<\/a> to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was \u201carbitrary and capricious\u201d \u2014 but it doesn\u2019t mean the SEC must approve<\/a> Grayscale\u2019s application or others in the future, says Bloomberg ETF analyst James Seyffart.<\/p>\n In an Aug. 29 Bloomberg interview, Seyffart explained<\/a> Grayscale\u2019s win \u201cdefinitely\u201d increases the odds of a successful outcome for the next wave of applicants. <\/p>\n He isn\u2019t 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.<\/p>\n For the awaiting applicants, the final deadlines for the SEC are al mid-March next year.<\/p>\n 99.99999% of the world doesn’t know that the SEC has to decide on 7 BTC ETFs within the next 3 days:<\/p>\n -blackrock the suits at our doorstep<\/p>\n \u2014 odin free (@odin_free) August 29, 2023<\/a><\/p><\/blockquote>\n After today\u2019s ruling in favor of Grayscale, the regulator has 90 days to file<\/a> an appeal with the U.S. Supreme Court or apply for an En banc review \u2014 where a full circuit court can overturn a ruling made by a three-judge panel.<\/p>\n However, the SEC hasn\u2019t made clear what its next move will be.<\/p>\n If the SEC doesn\u2019t appeal the court will need to specify how its ruling is executed which could include instructing the SEC to approve Grayscale\u2019s application, or at the very least revisit it.<\/p>\n Related: <\/em><\/strong>BTC price jumps to 2-week highs on Grayscale vs. SEC Bitcoin ETF win<\/em><\/strong><\/a><\/p>\n Either way, Seyffart only saw two viable options for the regulator.<\/p>\n The first is for it to concede defeat and approve Grayscale\u2019s conversion of its GBTC to a Bitcoin spot ETF.<\/p>\n Alternatively, the SEC would need to revoke the listing of Bitcoin futures ETFs entirely or deny Grayscale\u2019s application based on a new argument, said Seyffart.<\/p>\n The second potential avenue is to deny on reasons not used before\/yet… which i have been saying for months could have to do with Custody or settlement of #Bitcoin<\/a> which is not something that futures ETFs have to worry about. SEC has made a lot of noise around custodians<\/p>\n \u2014 James Seyffart (@JSeyff) August 29, 2023<\/a><\/p><\/blockquote>\n However, fellow Bloomberg ETF analyst Eric Balchunas considered<\/a> the odds of the SEC revoking the Bitcoin futures ETFs as \u201chighly unlikely\u201d because of the SEC’s reported openness to Ethereum futures ETFs.<\/p>\n Lol, this guy turned the last paragraph of Judge Rao’s legal smackdown today into an MGMT-esque sythe banger. Really captures the mood rn, well done.. https:\/\/t.co\/BBJZR5O6To<\/a><\/p>\n \u2014 Eric Balchunas (@EricBalchunas) August 29, 2023<\/a><\/p><\/blockquote>\n\n
-bitwise
-vaneck
-wisdomtree
-invesco
-fidelity
-valkyrie<\/p>\nWhat are the SEC\u2019s options post-Grayscale decision?<\/h3>\n
\n
\n