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 appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism.
From Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.
And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.
When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble.
Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.
We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.
Thank you.
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
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
