‘Bitcoin spot ETF’ in the review fog… Former SEC executive The question of whether or not to approve a Bitcoin spot exchange-traded fund (ETF) is increasingly falling into the fog. Following the postponement of the listing application review of Arc Investment, one of the initial applicants, last week, the prevailing prediction is that the review of other management companies, such as BlackRock, scheduled for September, will also be postponed. A former executive of the US Securities and Exchange Commission (SEC) has argued that the listing of a Bitcoin spot ETF is highly likely to be rejected.
According to the industry on the 14th, the SEC’s review of the listing application to determine whether to approve Bitwise’s ‘Bitcoin ETF Trust’ was scheduled for September 1. It is the second bitcoin spot ETF review following Arc Investment, for which the SEC has suspended its decision on whether to approve or not. Earlier, on the 11th (local time), the SEC postponed the review, saying that it needed to collect opinions on the application for listing of the Bitcoin spot ETF submitted by Arc Investment.
On the day following the Beatwise screening, reviews by BlackRock, Van Eck, Wisdom Tree, Invesco, etc. continue in a row. In addition, listing applications submitted by other managers are reviewed at the same time.
However, experts predict that the review in September will also be postponed, just like Arc Investment. James Seyfalt, an analyst at Bloomberg Intelligence, said, “We are confident that all scheduled trials will be postponed unless we come to the conclusion of the lawsuit between Grayscale and the SEC before September.” Grayscale filed a lawsuit against the SEC last year for rejecting an application to convert its Bitcoin trust into a physical ETF.
Among them, it was also argued that the SEC is highly likely to disapprove of Bitcoin spot ETFs. John Reed Stark, former SEC Chief Internet Enforcement Officer (CIO), said on Twitter on the 13th (local time), “The current SEC will not approve Bitcoin spot ETFs.” “Because it is expected to significantly lower the regulatory intensity for the asset, the likelihood of Bitcoin spot ETF approval is much higher,” he argued.
2023-08-14 05:16:40
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