The SEC to Decide on Bitcoin ETFs in 5 days
The SEC must soon decide on seven Bitcoin funds, especially after a court disagreed with their earlier decision on Grayscale's fund.
The U.S. Securities and Exchange Commission (SEC) needs to make decisions about seven Bitcoin fund applications. The last date to decide is Sept. 4. This comes after the SEC lost a case to Grayscale Investments in court, Causing the price of Bitcoin to jump by 7%
Bitwise will know if the SEC says yes to their Bitcoin fund on Sept. 1. Other companies like BlackRock, VanEck, and Fidelity will get answers by Sept. 2. Valkyrie will get their answer on Sept. 4.
On Aug. 29, a court said the SEC was wrong to say no to Grayscale's Bitcoin fund. But this doesn't mean Grayscale or others will definitely get approval in the future.
An expert named James Seyffart thinks this win by Grayscale makes it more likely for other companies to get approval. However, the SEC can decide to delay the Decision. They have until mid-March next year to give a final answer.
After the court supported Grayscale on Aug. 29, the SEC has 90 days to challenge the decision. The SEC hasn't said what they will do next. If they don't challenge, the court might tell them to say yes to Grayscale or look at their application again.
James Seyffart sees two choices for the SEC. They can accept their loss and say yes to Grayscale. Or, they need a new reason to say no to Grayscale. Another expert thinks the SEC won't stop other Bitcoin funds because they are open to different types of Bitcoin funds.
