SEC's first deadlines to approve 7 Bitcoin ETFs coming over the next week

The United States Securities and Exchange Commission is facing its archetypal deadlines to determine connected 7 caller Bitcoin (BTC) spot exchange-traded money applications with the latest being Sept. 4 amid its decision to Grayscale Investments successful a U.S. national appeals court.

Investment steadfast Bitwise volition larn if its ETF volition triumph the SEC’s support connected Sept. 1 portion BlackRock, VanEck, Fidelity, Invesco and Wisdomtree volition each beryllium awaiting the SEC’s determination for their funds by Sept. 2, according to respective SEC filings.

Meanwhile, Valkyrie is acceptable to perceive backmost from the SEC connected Sept. 4.

List of caller Bitcoin spot ETF applicant filing dates and deadlines. Source: Bloomberg

The U.S. Court of Appeals ruled connected Aug. 29 that the SEC’s rejection of Grayscale’s application to person its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was “arbitrary and capricious” — but it doesn’t mean the SEC indispensable approve Grayscale’s exertion oregon others successful the future, says Bloomberg ETF expert James Seyffart.

In an Aug. 29 Bloomberg interview, Seyffart explained Grayscale’s triumph “definitely” increases the likelihood of a palmy result for the adjacent question of applicants.

He isn’t definite erstwhile that time whitethorn travel though, arsenic the SEC tin hold its decisions and has 2 much projected deadlines for each money earlier being forced to marque a last determination connected the 240th time post-filing.

For the awaiting applicants, the last deadlines for the SEC are al mid-March adjacent year.

What are the SEC’s options post-Grayscale decision?

After today’s ruling successful favour of Grayscale, the regulator has 90 days to file an entreaty with the U.S. Supreme Court oregon use for an En banc reappraisal — wherever a afloat circuit tribunal tin overturn a ruling made by a three-judge panel.

However, the SEC hasn’t made wide what its adjacent determination volition be.

If the SEC doesn’t entreaty the tribunal volition request to specify however its ruling is executed which could see instructing the SEC to o.k. Grayscale’s application, oregon astatine the precise slightest revisit it.

Related: BTC terms jumps to 2-week highs connected Grayscale vs. SEC Bitcoin ETF win

Either way, Seyffart lone saw 2 viable options for the regulator.

The archetypal is for it to concede decision and o.k. Grayscale’s conversion of its GBTC to a Bitcoin spot ETF.

Alternatively, the SEC would request to revoke the listing of Bitcoin futures ETFs wholly oregon contradict Grayscale’s exertion based connected a caller argument, said Seyffart.

The 2nd imaginable avenue is to contradict connected reasons not utilized before/yet... which one person been saying for months could person to bash with Custody oregon colony of #Bitcoin which is not thing that futures ETFs person to interest about. SEC has made a batch of sound astir custodians

However, chap Bloomberg ETF expert Eric Balchunas considered the likelihood of the SEC revoking the Bitcoin futures ETFs arsenic “highly unlikely” due to the fact that of the SEC's reported openness to Ethereum futures ETFs.

Lol, this feline turned the past paragraph of Judge Rao's ineligible smackdown contiguous into an MGMT-esque sythe banger. Really captures the temper rn, good done.. https://t.co/BBJZR5O6To

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