The commission has another 45 days to approve, deny or delay spot Bitcoin exchange-traded fund applications from seven major firms.
The United States Securities and Exchange Commission (SEC) delayed judgments on a number of exchange-traded funds that hold spot Bitcoin, although former commission chair Jay Clayton stated he thought permission would eventually occur.
Stay in the know on crypto by frequently visiting Crypto News Today
In a Sept. 1 interview with CNBC, Clayton said major financial institutions backing spot Bitcoin investment vehicles represented a shift in how retail investors could get exposure to crypto. On Aug. 31, the SEC designated a longer period in which it could review spot BTC exchange-traded fund (ETF) applications from BlackRock, WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie and Fidelity.
CryptoCaster Quick Check:
Following the notice’s publication in the Federal Register, the commission will have an additional 45 days to approve, reject, or postpone once more the ETF applications submitted by these seven large companies. Clayton stated that he anticipates “progress on this going forward.” Up until March 2024, the SEC may keep delaying the application deadlines.
“An approval is inevitable,” said Clayton. “The dichotomy between a futures product and cash product can’t go on forever.”
The SEC was mandated to examine asset manager Grayscale’s request to transform its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Clayton’s position resembled that of U.S. Court of Appeals Circuit Judge Neomi Rao, who, along with two other judges, issued the ruling. The SEC has already approved BTC futures ETFs, according to Rao, who also claimed that Grayscale’s offering was “materially similar.”
On August 31, just before the US Labor Day vacation weekend, there were many ETF application delays. The next significant spot BTC application due date is October 7, which is also the day the commission is anticipated to disclose information regarding the offering from fund manager Global X.
We hope you found this article insightful. Before you go, please consider supporting CryptoCaster’s independent journalism.
In the world of media owned by billionaires like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase), influence over narratives surrounding cryptocurrency and Web3 often reflects their interests. CryptoCaster is different. With no billionaire backers or shareholder obligations, we are committed solely to public interest journalism, covering crypto advancements and institutional changes without profit-driven motives.
Unlike much of mainstream media, which can fall into neutrality traps that obscure the real impacts on retail investors, we’re guided by transparency and integrity. We are unafraid to take a stand in the ongoing struggle against fiat banking dominance and in support of the monetary innovation driven by crypto and Web3. Reporting on issues like FTX, Binance, and Ripple, we bring a bold, unfiltered outsider’s view on global financial disruption—free from the constraints of traditional media narratives.
CryptoCaster remains paywall-free, accessible to everyone, thanks to the support of readers like you. Your contributions keep us independent and help ensure that critical information on the crypto landscape reaches all. If you value our work, please consider supporting us with a one-time contribution starting at just $1 in Bitcoin or Ether, or even monthly if you’re able. Scroll down to find our wallet addresses and help keep CryptoCaster independent and thriving.
Thank you for your support,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
