The agency won’t make a decision regarding a number of proposed rule amendments until October. The financial world’s eyes are riveted on the chessboard of cryptocurrency regulation, as the U.S. Securities and Exchange Commission (SEC) once again takes center stage. On August 31st, a series of seismic decisions were postponed, shrouding the future of spot Bitcoin exchange-traded funds (ETFs) in an aura of anticipation.
A Symphony of Delays and Possibilities
The SEC’s carefully orchestrated moves have now pushed the spotlight onto Fidelity’s Wise Origin, VanEck, WisdomTree, and Invesco, all eagerly waiting in line to usher spot Bitcoin ETFs into the market via Cboe BZX Exchange. Not to be forgotten, Valkyrie Investments and BlackRock’s (iShares) aspirations via Nasdaq, as well as Bitwise’s vision via NYSE Arca, are part of this intricate dance as well.
Mark the date — October 17th — the day most decisions are now deferred to, like an eagerly awaited encore. However, Valkyrie holds a unique calendar entry, with its fate sealed on October 19th, and Bitwise steps under the spotlight on October 16th.
Yet, the big question looms — can the SEC extend the dance further when these pivotal dates arrive? The answer remains elusive, obscured by the evolving cryptoverse dynamics. Each of these visionary companies has had their previous Bitcoin ETF applications brushed aside by the SEC. The cycle of approvals, rejections, and delays could potentially swirl anew, painting a canvas of uncertainty.
Related: SEC's First Deadlines to Approve Bitcoin ETFs Loom
The Overture of Optimism and Challenges
Amidst the intrigue, the latest wave of spot Bitcoin ETF hopefuls carries a sense of promise. The heavyweight, BlackRock, ignited the journey this time around, flaunting a track record of successful ETF proposals. What’s more, its proposal hinges on a surveillance-sharing pact with Coinbase, adding another note of confidence. As if choreographed, other aspirants have danced to the rhythm of BlackRock’s approach, with hopes pinned on the adage: “Success begets success.”
A legal triumph for Grayscale in its pursuit to transform the GBTC fund into an ETF has kindled the fires of optimism. Yet, this victory doesn’t automatically open the door for spot Bitcoin ETFs; Grayscale’s route diverges from the majority of recent applicants.
In this intricate symphony of regulatory evaluations, the SEC holds the conductor’s baton. While the air is thick with hope, no spot Bitcoin ETF has yet been granted the coveted approval. The looming October decisions bring a mix of excitement and trepidation, as the cryptoverse watches in suspense — for each decision, a new verse in the song of crypto regulation.
Related: Grayscale Wins Lawsuit Against SEC, Bitcoin ETF Review Ordered