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

Experts predict that the SEC granting approval for the group of spot Bitcoin ETFs is the most desirable outcome. However, they also acknowledge the possibility of the SEC utilizing its right to challenge the decision.

The initial due dates for the United States Securities and Exchange Commission to make a decision on seven fresh Bitcoin (BTC) spot exchange-traded fund requests are approaching. The most recent deadline is on September 4, coinciding with its loss to Grayscale Investments in a federal appeals court in the United States.

Bitwise, a financial company dealing in investments, is set to discover if its Exchange-traded Fund (ETF) will receive the green light from the US Securities and Exchange Commission (SEC) on September 1. In the meantime, BlackRock, VanEck, Fidelity, Invesco, and Wisdomtree will also be eagerly anticipating the SEC's verdict on their respective funds, with the decision expected to be revealed by September 2 as per SEC documents.

In the meantime, Valkyrie is awaiting a response from the SEC by September 4th.

On August 29, the U.S. Court of Appeals made a decision stating that the Securities and Exchange Commission's (SEC) refusal to allow Grayscale to transform its Grayscale Bitcoin Trust (GBTC) into a traditional Bitcoin exchange-traded fund (ETF) was unreasonable and lacking in good judgment. However, Bloomberg's ETF analyst, James Seyffart, emphasizes that this ruling does not automatically require the SEC to approve Grayscale's application or any similar applications in the future.

During a recent interview with Bloomberg on August 29th, Seyffart affirmed that Grayscale's achievement "undoubtedly" improves the likelihood of a positive result for upcoming candidates.

He is uncertain about when that day might arrive, as the SEC has the ability to postpone its judgments and has additionally proposed two more deadlines for each fund before being obligated to reach a conclusive verdict on the 240th day after submitting the application.

For those eagerly anticipating, the SEC will have its final deadlines around the middle of March next year.

Almost everyone in the world is unaware that the Securities and Exchange Commission (SEC) is obligated to make a decision on seven Bitcoin Exchange Traded Funds (ETFs) within the coming three days.

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SEC's Options After Grayscale Ruling

Following the recent judgment in support of Grayscale, the governing body possesses a 90-day window to lodge an appeal with the U.S. Supreme Court or opt for an En banc evaluation. During an En banc review, a complete circuit court holds the authority to reverse a verdict previously made by a panel of three judges.

Nevertheless, it remains uncertain what actions the SEC will take in the future.

In case the SEC decides not to request a review, the court will have to clarify the actions to be taken based on its decision. This may involve instructing the SEC to grant approval to Grayscale's application or, at the very least, reconsider it.

BTC price surges to its highest point in two weeks following Grayscale's victory over the SEC regarding the Bitcoin ETF.

Regardless, Seyffart perceived only two feasible choices for the regulator.

The initial step involves acknowledging defeat and granting approval to Grayscale's transformation of GBTC into a Bitcoin spot ETF.

Instead, Seyffart stated that the SEC would have to either completely cancel the listing of Bitcoin futures ETFs or reject Grayscale's application with a different reasoning.

The second possible option is to reject on grounds that have not been used previously or thus far... as I have been suggesting for months, this could be related to the custody or arrangement of #Bitcoin, which is not a concern for futures ETFs. The SEC has been making a lot of commotion regarding custodians.

Nevertheless, Eric Balchunas, an analyst specialized in ETFs at Bloomberg, found it highly improbable that the SEC would revoke the Bitcoin futures ETFs. This is primarily due to the fact that the SEC has shown a willingness to accept Ethereum futures ETFs.

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