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.
The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.
The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.
In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.
“After over a decade of conflict, there is renewed hope for the Syrian people.
“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”
Image: Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy
The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.
While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.
The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.
Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.
In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.
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From May: Trump says US will end sanctions for Syria
He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.
“I say good luck, Syria. Show us something special.”
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