SEC’s first window to approve all 12 spot Bitcoin ETFs to begin today
The United States Securities and Exchange Commission could approve all 12 of the pending spot Bitcoin (BTC) exchange traded fund (ETF) applications within the next eight days.
Bloomberg ETF analysts James Seyffart and Eric Balchunas wrote that starting from Nov. 9 in the United States, the SEC has a “window” to approve all 12 spot Bitcoin ETF filings — including Grayscale’s conversion of its GBTC trust product — in the days leading up to Nov. 17, but stressed this was only a possibility.
New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD
— James Seyffart (@JSeyff) November 8, 2023
“Delay orders were issued by the SEC for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie at the same time,” Seyffart wrote in a Nov. 8 post on X (formerly Twitter).
“If the agency wants to allow all 12 filers to launch — as we believe — this is the first available window since Grayscale’s court victory was affirmed.”
The reason for this brief window is that when the SEC extended the deadline for a number of the pending spot Bitcoin ETF filings, it selected Nov. 8 as the last day of the comment period.
From Nov. 17, the comment period for 3 filings, including Global X Bitcoin Trust, Hashdex Bitcoin ETF and Franklin Bitcoin ETF would recommence, meaning that they wouldn’t be approved or denied until after Nov. 23 at the earliest.
While the window for accepting all 12 filings ends on Nov. 17, Seyffart added that the SEC could technically make a decision on nine of the twelve applications anytime before Jan. 10.
While the approval of a spot Bitcoin ETF is in no way guaranteed, both Seyffart and Balchunas predict a 90% chance of an approval sometime before Jan. 10 next year.
Grayscale in talks with SEC over GBTC conversion
While market pundits eagerly await the SEC’s decision, crypto asset manager Grayscale has reportedly initiated discussions with the regulator concerning its application to convert its trust product GBTC into a spot Bitcoin ETF, according to a Nov. 9 report from CoinDesk.
According to sources familiar with the matter, Grayscale has been in contact with both the SEC’s Division of Trading and Markets and the Division of Corporation Finance since winning its court battle with the regulator on Aug. 29.
As the perceived odds of a Bitcoin ETF being approved have increased, so too has optimism in the crypto market, with the price of Bitcoin gaining more than 30% in the last 3 months. Bitcoin’s outsized rally has buoyed price activity in other major assets as well.
Related: Spot Bitcoin ETF hype reignited zest for blockchain games: Yat Siu
In the past month, Solana (SOL) gained a staggering 93% amid scaling improvements, while Ripple (XRP) and Ether (ETH) grew 36% and 20% respectively.
While many within the industry are confident an approval will kickstart the next bull market, other analysts aren’t convinced that the rally has staying power.
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
When TV cameras are let in to film world leaders meeting in person, the resulting footage is usually incredibly boring for journalists and incredibly safe for politicians.
Not with Donald Trump.
Sir Keir Starmer ran the gauntlet on Monday.
Trump latest: President treats PM to a ride on Air Force One
Put through a total of almost 90 minutes of televised questioning alongside the American leader, it was his diciest encounter with the president yet.
But he still just about emerged intact.
For a start, he can claim substantive policy wins after Trump announced extra pressure on Vladimir Putin to negotiate a ceasefire and dialled up the concern over the devastating scenes coming from Gaza.
There were awkward moments aplenty though.
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Trump calls London mayor a ‘nasty person’
Top of the list is Mr Trump’s trashing of the prime minister’s Labour colleague, London mayor Sir Sadiq Khan.
But more important than that, Monday’s meeting was the clearest representation of the political gulf that separates the two leaders.
“He’s slightly more liberal than me,” Mr Trump said of Sir Keir when he arrived in Scotland.
What an understatement.
Read more:
Trump reignites row with Sir Sadiq Khan
EU leaders resigned to US trade deal
The two leaders held talks in front of the media. Pic: Reuters
On green energy, immigration, taxation and online regulation, the differences were clear to see.
Sir Keir just about managed to paper over the cracks by chuckling at times, choosing his interventions carefully and always attempting to sound eminently reasonable.
At times, it had the energy of a man being forced to grin and bear inappropriate comments from his in-laws at an important family dinner.
But hey, it stopped a full Trump implosion – so I suppose that’s a win.
My main takeaway from this Scotland visit though is not so much the political gulf present between the two men, but the gulf in power.
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Trump gives Putin new deadline to end war
Sir Keir flew the length of the country he leads to be the guest at the visiting president’s resort.
He was then forced to sit through more than an hour of uncontrolled, freewheeling questioning from a man most of his party and voters despise, during which he was offered unsolicited advice on how to beat Nigel Farage and criticised (albeit indirectly) on key planks of his government’s policy platform.
In return he got warm words about him (and his wife) and relatively incremental announcements on two foreign policy priorities.
So why does he do it?
Because, to borrow a quote from a popular American political TV series: “Air Force One is a big plane and it makes a hell of a noise when it lands on your head.”
With Amazon and Walmart exploring stablecoins, institutions may be underestimating potential exposure of customer data on blockchains, posing risks to privacy and brand trust.
The European Central Bank may rely on regulated euro stablecoins and private innovation to counter the dominance of US dollar stablecoins, says adviser Jürgen Schaaf.
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