According to Cointelegraph: The United States Securities and Exchange Commission (SEC) faces its first deadlines to decide on seven spot Bitcoin exchange-traded fund (ETF) applications between September 1 and 4. The applicants include major investment firms such as Bitwise, BlackRock, VanEck, Fidelity, Invesco, and Wisdomtree, with Valkyrie set for a decision on September 4.
This comes after the recent federal appeals court ruling on August 29 that deemed the SEC's rejection of Grayscale's Bitcoin ETF application as "arbitrary and capricious." Bloomberg ETF analyst James Seyffart said that Grayscale's win could increase the odds of success for the current wave of applicants but also noted that the SEC can delay decisions, with final deadlines set in mid-March 2023.
Following Grayscale's court victory, the SEC has 90 days to appeal the decision, apply for an en banc review, or specify how the ruling will be executed. The agency could either approve Grayscale's GBTC to Bitcoin spot ETF conversion or revoke the listing of Bitcoin futures ETFs based on a new argument. However, the latter is considered "highly unlikely" by Bloomberg ETF analyst Eric Balchunas due to the SEC's reported openness to Ethereum futures ETFs.
