Following the United States Securities and Exchange Commission (SEC) delaying decisions on several spot Bitcoin exchange-traded funds, former commission chair Jay Clayton said he believed approval was still going to happen at some point.
In an Sept. 1 interview with CNBC, Clayton said major financial institutions backing spot Bitcoin (BTC) investment vehicles represented a shift in how retail investors could get exposure to crypto. On Aug. 31, the SEC designated a longer period in which it could review spot BTC exchange-traded fund (ETF) applications from BlackRock, WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie and Fidelity.
The commission has another 45 days upon publication of the notice in the Federal Register to approve, deny, or again delay the ETF applications from these 7 major firms. According to Clayton, he expects to see “progress on this going forward”. The SEC can continue to push the deadlines on the applications until March 2024.
“An approval is inevitable,” said Clayton. “The dichotomy between a futures product and cash product can’t go on forever.”
Clayton’s argument echoed that of U.S. Court of Appeals Circuit Judge Neomi Rao, who along with two other judges ordered the SEC to review asset manager Grayscale’s application to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Rao said that the SEC had already approved BTC futures ETFs and suggested Grayscale’s offering was “materially similar”.
The ETF application delays came in quick succession on Aug. 31 before the Labor Day holiday weekend in the United States. The next deadline for major spot BTC applications under review falls on Oct. 7, when the commission is expected make an announcement about the offering from fund manager Global X.
Responding to a report about crypto ATM fraud in Wyoming, Senator Cynthia Lummis said the chamber’s market structure bill could address specific risks.
According to the lawsuit, Justin Sun’s crypto holdings included about 60 billion Tron, 17,000 Bitcoin, 224,000 Ether and 700 million Tether as of February.
The Home Office has lost a Court of Appeal bid to challenge a High Court ruling granting an Eritrean man a temporary block on being deported to France.
The ruling will be a blow to ministers, who had been hoping to make headway with their “one in, one out” migrant returns deal with France.
Under the deal, the UK can send back any migrant who crosses the Channel illegally in return for accepting the same number of migrants in France who have a valid asylum claim here.
However, only four people have been deported under the scheme so far, including one Afghan individual who was deported to France this afternoon.
The Eritrean man was granted a temporary block on his removal after he claimed he had been a victim of modern slavery.
The government has said up to 50 people a week could be deported under the scheme initially, but it believes numbers would grow and eventually act as a deterrent to those considering making the dangerous journey across the Channel.
The latest Home Office figures show 1,072 people made the journey in 13 boats – averaging more than 82 people per boat. It means the number of migrants arriving in the UK after crossing the English Channel has topped 30,000 for the year so far.
She has vowed to do “whatever it takes” to end crossings – but the Conservatives have branded the “one in, one out” deal with France “meagre” and have called for their Rwanda policy to be reinstated.
Chris Philp, the shadow home secretary, said: “Yet again the courts have stepped in to block a deportation, proving what we warned from the start, unless you tackle the lawfare strangling Britain’s borders, nothing will change.
“This is nothing but a gimmick. Even if by some miracle it worked, it would still be no deterrent, as 94 per cent of arrivals would still stay.”
Meanwhile, Reform UK has promised to crack down on both legal and illegal migration.
On Monday, he announced fresh policies to reduce legal migration, saying his party would ban access to benefits to migrants and get rid of indefinite leave to remain – the term used to describe the right to settle in the UK, with access to benefits, after five years.