Former BlackRock executive: SEC may approve all spot Bitcoin ETFs immediately
Former BlackRock executive Martin Bednall stated earlier this week at the CCData Digital Asset Summit that the US SEC may approve all current applications for Bitcoin ETFs simultaneously. If approved, potential Bitcoin ETFs would have a "huge positive impact" on the cryptocurrency market. Steven Schoenfeld, CEO of VanEck subsidiary MarketVector Indexes, also expressed agreement and said approval could be "completed within the next 3 to 6 months." This is because the SEC has recently not outright rejected ETF applications, but has been seeking feedback. In addition, Schoenfeld added that the US Securities and Exchange Commission recently lost the Grayscale case, which means it may have to allow the Grayscale Bitcoin Trust to convert to a Bitcoin ETF.
Valkyrie Funds halts buying of ethereum for ETF, unwinds existing positions
Valkyrie Funds LLC has announced that it will stop purchasing ethereum for its Valkyrie Bitcoin and Ether Strategy ETF and will unwind any existing positions in the cryptocurrency. This decision is due to a delay in the effectiveness of an amendment to the fund's registration statement that would allow the addition of ether futures contracts to the principal investment strategy. Valkyrie had previously received approval to acquire ethereum futures contracts as part of the conversion of an existing ETF tied only to Bitcoin to include ethereum, but this has now been put on hold. Other firms, including VanEck, ProShares, and Invesco, have filed to list a variety of ETFs tied to ethereum, with launches expected to begin on Monday.
Valkyrie to Offer Ether Futures Exposure to US Investors Through Bitcoin ETF
Valkyrie, an asset management firm, will offer exposure to Ether (ETH) futures to US investors through its Bitcoin Strategy ETF. The ETF will allow investors to access both ETH and BTC futures "under one wrapper", making it one of the first firms to do so. The fund's name will be updated to the Valkyrie Bitcoin and Ether Strategy ETF from October 3. The SEC has not yet published a proposed rule change allowing the listing of a new Ether futures ETF on the Nasdaq Stock Exchange.
SEC Has Accepted Franklin Templeton’s Bitcoin ETF Filing
Bloomberg analyst James Seyffart stated in a tweet that the US Securities and Exchange Commission (SEC) has acknowledged the Bitcoin ETF filing from CBOE and Franklin Templeton. The analyst stated that it typically takes a week from submitting a 19b-4 to the SEC's acknowledgement, but Franklin Templeton only submitted the 19b-4 document yesterday, which may be due to potential concerns about the US government shutdown.
SEC Delays ARK Invest 21Shares Spot Bitcoin ETF Filing, Narrowing Chances of Approval in 2023
The U.S. Securities and Exchange Commission (SEC) has announced a delay in the ARK Invest 21Shares spot Bitcoin Exchange Traded Fund (ETF) filing, which may decrease the likelihood of a spot ETF approval in 2023. The SEC is requesting a longer period for any action on the proposed rule change, which was originally due on November 11, 2023. This decision was made just in time before the SEC Chair Gary Gensler's hearing before the Financial Services Committee on September 27, 2023. Franklin Templeton recently joined the list of financial companies seeking approval for the first-ever spot BTC ETF in the United States, but they have yet to file the 19b-4, a key step in the approval process.
US SEC Delays Approval for Bitcoin Spot ETF Applications Again
The US Securities and Exchange Commission (SEC) has once again postponed the approval of several Bitcoin spot ETF applications, including GlobalX's and Ark/21Shares'. The SEC has set a final deadline of January 10, 2024, to either approve or deny Ark's application. This delay comes after a group of congressmen sent a letter to SEC chair Gary Gensler demanding an end to discrimination against spot Bitcoin exchange-traded products. The delay may have dashed hopes of a spot ETF being approved by the end of the year, according to Bloomberg ETF analyst James Seyffart.
Bitwise beefs up Bitcoin ETF application with 40 pages of new text in response to SEC objections
Bitwise Asset Management has submitted an amended application for a Bitcoin exchange-traded fund (ETF) which includes 40 pages of new text addressing objections raised by the US Securities and Exchange Commission (SEC). However, the company has warned that the additional information may not be sufficient to meet regulatory requirements. Bitwise is one of six firms whose spot BTC ETF applications are currently on hold after the SEC delayed its consideration. The SEC has previously required that a listing exchange must have a surveillance-sharing agreement with a regulated market of significant size, such as the CME BTC futures market.
US Lawmakers Urge SEC to Approve Bitcoin ETFs After Court Ruling
A bipartisan group of lawmakers, including Rep. Tom Emmer, have written a letter to SEC Chair Gary Gensler urging the regulator to approve bitcoin exchange traded funds (ETFs) after a court instructed the SEC to rethink its view on these applications. The lawmakers argue that a spot bitcoin ETF is "indistinguishable" from the crypto futures ETFs that have already been approved by the SEC. The SEC is set to appear before the House Financial Services Committee this week, where members will have the opportunity to question Gensler on the topic. A bitcoin ETF would provide investors with an easier way to invest in the cryptocurrency market.
Nasdaq Executive Confident in Success of BlackRock's Spot Bitcoin ETF Despite Early Rejection
According to Giang Bui, Head of U.S. Equities & ETPs at Nasdaq, the early dismissal of BlackRock's proposed spot Bitcoin exchange-traded fund (ETF) should not hinder its eventual success. The rejection primarily stems from regulatory procedural issues rather than the viability of the product itself. Nasdaq, along with other exchanges, has submitted updated filings for various ETF applications, including Coinbase as a surveillance-sharing agreement partner.
Bloomberg Analyst Sees 75% Chance of Spot Bitcoin ETF Approval in 2023, SEC's Views on Grayscale Rejected by Court
Bloomberg Analyst James Seyffart has described the US Securities and Exchange Commission's (SEC) loss against Grayscale as a complete rejection of the agency's position. The D.C Circuit Court of Appeal rejected the SEC's views on the Grayscale Bitcoin Trust (GBTC) conversion into a spot Bitcoin ETF.
