The SEC soon defeated? For some time the aggressive policy of the boss of Securities and Exchange Commission (DRY) from the United States infuriates. Indeed, Gary Gensler seems to take himself for a kind of superhero with the ability to transform everything he looks at into a financial title (preferably undeclared). A real anti-crypto war in which the company Grayscale just won a historic victory in its lawsuit against the SEC. Meanwhile, the clock continues to tick for the spot (spot) Bitcoin ETF file seeking approvals. And it is not won yet!
Tick tock… Time is running out for the SEC
Impossible to miss this historical and tasty news. And the recent explosion in the price of bitcoin is there to confirm its importance. The society Grayscale won his case filed against the United States SEC. In question, a desire of this digital asset manager to convert its Grayscale Bitcoin Trust (GBTC) into Exchange Traded Fund (AND F).
Result: the DRY will have to review your copy in this file initially refused. And that’s not going to make his business any easier given the visibly overloaded end of August. Indeed, this regulatory body, super active when it comes to banning, is faced with many many deadlines future. This concerns official applications for ETH bitcoin spot it has received over the past few months.
The filing of these requests for approval is accompanied by different deadlines, which the SEC must respect. And some of these dates fateful days expire at beginning of september.
The first concerns Bitwise, whose possible approval must take place on September 1. Then come six more files, including the giant BlackRock and its iShares Bitcoin Trust. An arrival that some specialists see as the Trojan horse of this dynamic. Effectively, the strike force of this trillion-dollar asset management giant could well make the SEC bend… or not. Then will come the turn of ValkyrieSeptember 4, to complete this loop.
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SEC vs ETF Bitcoin spot: the fight is not won
A multiple deadline whose consequences are analyzed in real time. Especially, because this time things look decidedly different. Indeed, as explained James Seyffartan analyst at Bloomberg ETF, Grayscale’s recent victory against the SEC is to be considered as an opportunity almost perfect timing. This “definitely” increases the chances of seeing the long-awaited approvals arrive.
However, the situation is more complex than it appears. As a reminder, the SEC has already postponed the date of its decision in the context of the file filed by ARK Invest. And it is quite able to do the same for the other deadlines to come until the final date officially imposed after 240 days. That would be like playing this little game until March of next year.
It is difficult to know if the Securities and Exchange Commission will bend under the blow of its stinging defeat against Grayscale. Anyway, the policy initiated by Gary Gensler leave only little room for a positive outcome in this file of Bitcoin spot ETFs. Something to watch closely…
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