Although the U.S. federal government shutdown alert has been temporarily lifted, the U.S. Securities and Exchange Commission (SEC) has announced a comprehensive postponement of the decision on a Bitcoin spot ETF. The eight Bitcoin spot ETFs currently applying, including Fidelity, VanEck and WisdomTree, will also be postponed to mid-January next year as the next review time. On the other hand, major asset management institutions are still rushing to apply for Ethereum spot ETFs. There are currently four Ethereum spot ETFs waiting for approval.

SEC questions Bitcoin spot ETF

In the documents announced by the SEC, commenters are expected to make the following comments

  • Will proposals for exchanges prevent fraudulent and manipulative acts and practices?

  • What is the general view on the liquidity and transparency of the Bitcoin market and the susceptibility of the Bitcoin market to manipulation?

  • Will a surveillance-sharing agreement with cryptocurrency exchange Coinbase help "detect, investigate and deter fraud and manipulation"?

Commentators have 21 days to submit written submissions, views and arguments, followed by a 35-day period to rebut, meaning the approval process will drag on for at least a few more months.

Ethereum spot ETFs are being applied for

Although the application for Bitcoin spot ETF has not yet come to fruition, major asset management institutions are still taking advantage of the situation to apply for Ethereum spot ETF. According to a tweet from Bloomberg analyst James Seyffart, there is currently an Ethereum joint venture launched by Ark and 21Shares. ETF (ARKE), Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF and Hashdex Nasdaq Ethereum ETF launched in partnership with Galaxy, four Ethereum spot ETFs are waiting for approval.

We have a 4th Spot#EthereumETF Filing. Invesco/Galaxy joins VanEck, Ark/21Shares, & Hashdex. https://t.co/WzakKsmyjO

— James Seyffart (@JSeyff) September 29, 2023

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