The journey to a potential Bitcoin ETF has so far been long and arduous. But some key decisions in the race are likely coming this week as crypto faithful await to see how things play out this time.
The US Securities and Exchange Commission is expected to respond to filings from Bitwise, BlackRock, VanEck, WisdomTree and Invesco right before the Labor-Day weekend, according to Bloomberg Intelligence. Regulators can reject, approve or delay. Bitwise’s application is set for consideration by Friday, with the others due the following day, making it likely the SEC will weigh in before the weekend.
“We can expect to see more delays from the SEC especially after they already delayed their decision earlier this month on ARK’s spot-Bitcoin ETF filing,” said Roxanna Islam, associate director of research and head of sector and industry research at VettaFi. “We need to see a decision from the SEC on Grayscale’s lawsuit first — otherwise, we might see them approve Ether-futures ETF filings before they approve any spot-Bitcoin ETF filings.
Many in the crypto community — and fans outside of it — have been longing for a spot-Bitcoin ETF for years. They argue that it would not only make investing in Bitcoin more accessible to everyday investors, but that it would also help bring digital assets closer to traditional financial markets. “To the extent the SEC can delay its decisions, I think it will until there’s a court ruling in Grayscale,” said Elliott Stein, senior litigation analyst at Bloomberg Intelligence. He places the odds of Grayscale winning a ruling vacating the SEC’s rejection order at 70%.
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