What to Expect from the SEC Bitcoin ETF Decision this Week

– Advertisement –

• Until November 17, the SEC must decide on a series of spot Bitcoin Exchange-Traded Fund (ETF) applications, a decision eagerly awaited by investors and industry experts.
• Attention is focused on the applications from Hashdex, Franklin Templeton, and Global X, which will enter a public comment period starting on November 17.
• Bitcoin expert Alessandro Ottaviani provided the context that the SEC could potentially make a collective decision on the 12 applications within an eight-day period from November 11 to November 17.

The US Securities and Exchange Commission will announce a critical decision this week: Will Bitcoin ETF applications be postponed again?

How Will the SEC Decide on ETFs This Week?

The U.S. Securities and Exchange Commission (SEC) faces an important schedule this week. Until November 17, the SEC must decide on a series of spot Bitcoin Exchange-Traded Fund (ETF) applications, a decision eagerly awaited by investors and industry experts. Nate Geraci, President of ETF Store, highlighted the views of Bloomberg analyst James Seyffart to shed light on this crucial moment.

According to Seyffart, the SEC will likely approve spot Bitcoin ETFs collectively rather than individually to avoid showing preference in a highly competitive sector. This approach aligns with the SEC’s commitment to neutrality in a competitive industry.

Geraci emphasized the distinction between 19b-4 approval orders and the approval of each issuer’s registration statement. While both are necessary for ETFs to be listed and traded, the latter is critical for launching these funds.

Attention is focused on the applications from Hashdex, Franklin Templeton, and Global X, which will enter a public comment period starting on November 17. According to Geraci’s analysis, this timing will likely delay their approvals until early January.

Additionally, a possible government shutdown later in the week adds another complexity to the decision-making process. As noted by Geraci, this factor could impact the timeline for the approval process of the ETFs.

SEC and 12 ETF Applications

Bitcoin expert Alessandro Ottaviani provided the context that the SEC could potentially make a collective decision on the 12 applications within an eight-day period from November 11 to November 17. This period precedes the public comment period for subsequent applications.

Also approaching is another significant date for these applications, January 10, 2024. This date marks the final extension deadline for the SEC to make a decision on Ark Invest’s spot Bitcoin ETF application. However, the SEC still has the possibility to approve the remaining nine ETF applications before this date and remains committed to not making a decision to the benefit of any particular issuer.

This week marks a turning point for the cryptocurrency market, especially for investors and companies operating in the spot Bitcoin ETF space. The decisions of the SEC will not only influence the near future of these ETFs but also set an example for how such financial instruments are handled in the U.S. market. As the deadline approaches, all eyes are on the SEC in an environment where regulatory decisions have a significant impact.