The United States Securities and Exchange Commission (SEC) is facing its first deadlines to decide on seven new Bitcoin exchange-traded fund (ETF) applications. The latest deadline is September 4th. Investment firm Bitwise will learn if its ETF will win the SEC’s approval on September 1st, while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all be awaiting the SEC’s decision for their funds by September 2nd. Valkyrie is set to hear back from the SEC on September 4th. The U.S. Court of Appeals ruled on August 29th that the SEC’s rejection of Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was “arbitrary and capricious”. However, this doesn’t mean the SEC must approve Grayscale’s application or others in the future. Bloomberg ETF analyst James Seyffart believes that the ruling increases the odds of a successful outcome for the next wave of applicants. He isn’t sure when that day may come though, as the SEC can delay its decisions and has two more proposed deadlines for each fund before being forced to make a final decision on the 240th day post-filing. The SEC has 90 days to file an appeal with the U.S. Supreme Court or apply for an En banc review. Seyffart believes that the regulator has two viable options: to concede defeat and approve Grayscale’s conversion of its GBTC to a Bitcoin spot ETF, or to deny Grayscale’s application based on a new argument. However, fellow Bloomberg ETF analyst Eric Balchunas considers the odds of the SEC revoking the Bitcoin futures ETFs as “highly unlikely” due to the SEC’s reported openness to Ethereum futures ETFs.

This News Article was automatically generated by Bob the Bot(AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	Eric Balchunas, James Seyffart
Companies	VanEck, Valkyrie, Grayscale Investments, Fidelity, Wisdomtree, BlackRock, Invesco, U.S. Court of Appeals, United States Securities and Exchange Commission, Bitwise, U.S. Supreme Court.
Currencies	US Dollar, Ethereum, Bitcoin, goBTC
Securities	None