SEC’s first deadlines to approve 7 Bitcoin ETFs coming over the next week
The United States Securities and Exchange Commission is facing its first deadlines to decide on seven spot Bitcoin (BTC) exchange-traded fund applications, with the latest being Sept. 4 amid its defeat to Grayscale Investments in a U.S. federal appeals court.
Investment firm Bitwise will learn if its ETF will win the SEC’s approval on Sept. 1 while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all be awaiting the SEC’s decision for their funds by Sept. 2, according to several SEC filings.
Meanwhile, Valkyrie is set to hear back from the SEC on Sept. 4.
The U.S. Court of Appeals ruled on Aug. 29 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” — but this doesn’t mean the SEC must approve Grayscale’s application or others in the future, says Bloomberg ETF analyst James Seyffart.
In an Aug. 29 Bloomberg interview, Seyffart explained that Grayscale’s win “definitely” 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.
For the awaiting applicants, the final deadlines for the SEC are all in mid-March next year.
99.99999% of the world doesn’t know that the SEC has to decide on 7 BTC ETFs within the next 3 days:
-blackrock
-bitwise
-vaneck
-wisdomtree
-invesco
-fidelity
-valkyriethe suits at our doorstep
— odin free (@odin_free) August 29, 2023
What are the SEC’s options post-Grayscale decision?
After the Aug. 29 ruling in favor of Grayscale, the regulator has 90 days to file an appeal with the U.S. Supreme Court or apply for an en banc review — where a full circuit court can overturn a ruling made by a three-judge panel.
However, the SEC hasn’t made clear what its next move will be.
If the SEC doesn’t appeal the court will need to specify how its ruling is executed which could include instructing the SEC to approve Grayscale’s application, or at the very least revisit it.
Related: BTC price jumps to 2-week highs on Grayscale vs. SEC Bitcoin ETF win
Either way, Seyffart only saw two viable options for the regulator.
The first is for it to concede defeat and approve Grayscale’s conversion of its GBTC to a Bitcoin spot ETF.
Alternatively, the SEC would need to revoke the listing of Bitcoin futures ETFs entirely or deny Grayscale’s application based on a new argument, said Seyffart.
The second potential avenue is to deny on reasons not used before/yet… which i have been saying for months could have to do with Custody or settlement of #Bitcoin which is not something that futures ETFs have to worry about. SEC has made a lot of noise around custodians
— James Seyffart (@JSeyff) August 29, 2023
However, fellow Bloomberg ETF analyst Eric Balchunas considered the odds of the SEC revoking the Bitcoin futures ETFs as “highly unlikely” because of the SEC’s reported openness to Ethereum futures ETFs.
Lol, this guy turned the last paragraph of Judge Rao’s legal smackdown today into an MGMT-esque sythe banger. Really captures the mood rn, well done.. https://t.co/BBJZR5O6To
— Eric Balchunas (@EricBalchunas) August 29, 2023
Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M
A group of crypto advocacy groups have urged lawmakers to include a bill protecting software devs from being labelled as money transmitters included in a crypto market structure bill.
Politics
Scottish Labour win Hamilton, Larkhall and Stonehouse by-election as SNP suffer shock defeat
Scottish Labour’s Davy Russell has won the Hamilton, Larkhall and Stonehouse by-election.
Mr Russell took top spot with 8,559 votes. The SNP placed second with 7,957 votes, with Reform UK closely taking third with 7,088 votes.
The new MSP said he was “proud” to have been elected, adding: “I said in this campaign that I will put this community, our community first.
“I will work every single day to do that.”
The Scottish Labour team celebrating the win. Pic: PA
The by-election was called following the death of SNP MSP Christina McKelvie.
The Scottish government minister died in March at the age of 57, having last year taken medical leave to undergo treatment for secondary breast cancer.
South Lanarkshire councillor Katy Loudon had hoped to retain the Holyrood seat for the SNP, given her party’s heavy losses to Labour at last year’s UK general election.
First Minister John Swinney congratulated Mr Russell following the result.
In a post on X, the SNP leader said Ms Loudon had “fought a superb SNP campaign”.
He added: “We have made progress since the election last year but not enough. We still have work to do and we will do it.”
All eyes were also on Reform UK and whether it would enjoy a “tartan bounce” in light of the party’s recent slew of local election wins in England.
With Reform UK never having won an election in Scotland, party deputy leader Richard Tice said candidate Ross Lambie coming in third was a “massive boost for us”.
Reform UK deputy leader Richard Tice turned up to the count to support candidate Ross Lambie. Pic: PA
He added: “It’s a fantastic result, just a few hundred votes away from the SNP, nobody predicted that.
“I think that sets us up with excitement and momentum for the next 11 months into the Holyrood elections.”
Davy Russell celebrating with Scottish Labour leader Anas Sarwar and the party’s deputy leader Dame Jackie Baillie. Pic: PA
Mr Russell said the constituents had voted to “take a new direction” with his party.
He added: “Like the people here in Hamilton, Larkhall and Stonehouse, and right across Scotland, we all feel we have been let down by the SNP.
“They’ve broken our NHS, wasted our money, and after nearly two decades they don’t deserve another chance.”
Mr Sarwar and Mr Russell on the campaign trail. Pic: PA
Mr Russell said the community had also “sent a message” to Reform UK leader Nigel Farage “and his mob tonight”.
He added: “The poison of Reform isn’t us, it isn’t Scotland, and we don’t want your division here.
“Reform have no real answers to the issues we face, and they can’t beat the SNP here or replace them across Scotland.”
Mr Russell said his party was ready to “fix” the NHS and “end the SNP’s addiction to wasting your money”.
He added: “The road to a new direction for Scotland in 2026 – with Anas Sarwar as first minister and a Scottish Labour government – begins right here. So, let’s go and win it together.”
By-election Scottish Conservative candidate Richard Nelson (left) and Reform UK candidate Ross Lambie. Pic: PA
Ten candidates went head-to-head in the Holyrood by-election:
• Collette Bradley, Scottish Socialist Party – 278 votes
• Andy Brady, Scottish Family Party – 219 votes
• Ross Lambie, Reform UK – 7,088 votes
• Katy Loudon, Scottish National Party (SNP) – 7,957 votes
• Janice MacKay, UK Independence Party (UKIP) – 50 votes
• Ann McGuinness, Scottish Green Party – 695 votes
• Aisha Mir, Scottish Liberal Democrats – 533 votes
• Richard Nelson, Scottish Conservative and Unionist Party – 1,621 votes
• Davy Russell, Scottish Labour Party – 8,559 votes
• Marc Wilkinson, Independent – 109 votes
The votes were verified and manually counted at South Lanarkshire Council headquarters in Hamilton.
Dame Jackie got emotional after Mr Russell’s win. Pic: PA
Campaigning became heated in the run up to the by-election, with Reform UK accused of running a “racist” ad on Facebook against Scottish Labour leader Anas Sarwar.
Reform leader Mr Farage continued to double down, accusing his rival of “sectarian politics”.
Read more from Sky News:
‘Farage could become PM – this is how Labour can stop him’
Prisoners to be transferred to lower security jails
In response, the Scottish Labour MSP branded Mr Farage a “poisonous little man” and accused him of running a “campaign of dirt and smear”.
First Minister Mr Swinney had earlier warned it was a “two-horse race” between the SNP and Reform UK, urging voters to “defeat the gutter politics” of Mr Farage.
With less than a year to go before the Scottish parliament election, the result potentially offers a snapshot of how the political landscape north of the border could look in 2026.
Mr Sarwar said: “I think people need to change the script, because we’ve proven the pollsters wrong.
“We’ve proven the commentators wrong, we’ve proven the bookies wrong. We’ve proven John Swinney wrong and so many others wrong too.”
The Justice Department has filed a civil forfeiture complaint to seize crypto and NFTs allegedly tied to laundering efforts by North Korea.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway