SEC Appeal Incoming?
In October, the crypto community will be closely watching the US Securities and Exchange Commission (SEC) as it faces some important decisions that could impact the entire industry. One key decision is whether or not the SEC will appeal the ruling in its case against asset manager Grayscale. The deadline for an appeal is October 13, 45 days after the court’s ruling.
Recently, Grayscale achieved a significant victory against the SEC when the District of Columbia Court of Appeals ruled that the regulator had failed to provide a valid reason for denying Grayscale’s application. The court ordered the SEC to review the application again.
The SEC has stated that it will review the decision before deciding on its next steps. If the SEC chooses to appeal, it can do so at the US Supreme Court or request an “en banc” review by all judges of the DC Court of Appeals. An appeal by the SEC could delay the approval of a Spot Bitcoin ETF, which would disappoint many in the crypto community.
On the other hand, if the SEC decides not to appeal, it will become established that the spot and futures market are correlated. The SEC’s argument that the spot market is more susceptible to fraud and manipulation will no longer hold.
Wisdomtree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and Wise Origin Bitcoin Trust
The SEC is also expected to further delay its decision on applications for Wisdomtree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and Wise Origin Bitcoin Trust. The next deadline for a decision on these applications is next year.
If the SEC continues to postpone its decision, we may have to wait until January 10, 2024, for a final response on ARK 21Shares Bitcoin ETF.
However, there is some good news for October. The SEC is expected to approve the launch of pending Ethereum futures ETF applications. Volatility Shares plans to launch theirs on October 12, with others to follow.
Hot Take: SEC’s Impact on the Crypto Community
As October approaches, all eyes are on the US Securities and Exchange Commission (SEC) and its upcoming decisions that could shape the future of the crypto industry. The decision to appeal or not in the Grayscale case will have significant implications for a Spot Bitcoin ETF, potentially prolonging the wait for its approval. Meanwhile, the SEC’s delay in deciding on applications like Wisdomtree Bitcoin Trust and Invesco Galaxy Bitcoin ETF only adds to the uncertainty surrounding these products. However, there is some hope as the SEC is expected to greenlight Ethereum futures ETF applications, providing a positive development for the market. Ultimately, the SEC’s actions will have a profound impact on the crypto community and its aspirations for mainstream adoption.
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