Crypto Industry Curiously Eyes October As Month of Revelations

The October month will unfold many courses of action for the crypto industry. That’s because a lot of appeals and verdicts are going to happen this month. Every crypto enthusiast is keen to know what’s going to happen. The industry will determine its roadmap to the future based on the outcomes this month. Let’s go through their details thoroughly and gauge their impact.

Will The SEC Move to the Supreme Court?

On August 29, crypto asset manager Grayscale registered a landmark victory against the SEC. The Securities and Exchange Commission denied its application for Bitcoin ETF. In response, Grayscale took the regulator to the court. The court couldn’t find any substantial reason behind the SEC’s stance. Hence, it ordered the regulator to review the application once again. Also, the court gave a deadline to the SEC to file a petition in the US Supreme Court.

The SEC has to decide whether it will appeal by October 13. It is precisely 45 days from the court’s ruling. After the verdict, a mouthpiece for the agency said that they would ponder over the next steps. If the SEC goes ahead, they must do it through a “writ of certiorari.” It is the document that asks the apex court to review the case. Otherwise, the regulator can also ask for an “en banc.” That’s something in which all the DC Court of Appeals judges review the case.

Either of the decisions will cause some anxiety among the crypto community. After all, they are thrilled with Grayscale’s victory and the prospects of a Spot Bitcoin ETF. The spot and futures market will remain correlated if the SEC doesn’t appeal. It would indicate that the SEC is not holding to its argument.

The Fate of The ETF Applications

Besides BlackRock, many other firms have applied for spot Bitcoin ETF. The decision of most of these applications is due on 16 and 17 October. October 16 is the second deadline for Bitwise Bitcoin ETP Trust. on October 17, the second deadline is pending for many companies. These include Wisee Origin Bitcoin Trust, Invesco Galaxy Bitcoin, Wisdomtree Bitcoin Trust, VanEck Bitcoin Trust, and iShares Bitcoin Fund.

However, some are expecting that the SEC will again postpone its decision. That’s because the regulator will give a verdict for the ARK 21Shares Bitcoin ETF next year. Thus, it makes sense to tell all of them together if there’s a winner. The date decided ARK’s application decision is January 10, 2024. Amidst all the uncertainty, there is one news that the crypto community can feel optimistic about.

In all likelihood, the SEC will allow the launch of the pending Ethereum futures ETF applications. Along with the filings, there will also be volatility shares. The regulator will pass a verdict on that on October 12. Therefore, crypto enthusiasts remain anxious and excited throughout this month. They will certainly hope for crypto’s best and most promising future.