Continuing its recent wave of delays, the U.S. National stock market Commission (SEC) has more delayed the Spot bitcoin ETF app from the world’s largest asset manager, Black Rock.
SEC Request for Comments on BlackRock’s bitcoin ETF Application
In its release Regarding BlackRock’s application, the SEC requested written comments on why the iShares bitcoin Trust should be approved or disapproved. Ultimately, this measure extends the period in which the Commission can decide on the proposed rule change, with the next deadline being January 15, 2024.
As part of its request for comments, the SEC specifically asked commenters to provide their opinion on whether the Chicago Mercantile Exchange (CME) represented a regulated market of significant size for spot bitcoin. He also asked them to give their opinion on the correlation between the bitcoin spot market and the CME bitcoin futures market.
It is unknown what the SEC intends to achieve with this, considering that the court had ruled in bitcoin-etf-imminent/” rel=”nofollow”>The Grayscale case against the Commission that the spot and futures markets were correlated. Therefore, there was no reason why ETFs related to both markets should enjoy different regulatory treatment.
Meanwhile, similarly, the SEC also extended the deadline to make a decision on Spot bitcoin ETF applications from Bit by bitInvesco and valkyrie. As a result of this, the next deadline for the SEC to decide on these applications is in January 2024, with Bitwise’s on the 14th, Invesco’s on the 15th, and Valkyrie’s on the 17th of that month.
It’s worth mentioning that the SEC may still further delay these requests one last time before it finally has to decide on them. If that happens, these ETFs likely won’t launch (if given approval) until mid-March. Meanwhile, the SEC must decide on the ARK 21Shares bitcoin ETF before January 10, 2024.
SEC Still Expected to Delay bitcoin Spot ETF Applications WisdomTreeVanEck and Fidelity ahead of a possible government shutdown on October 1.
Not a bad day for Valkyrie
Despite the delay of its Spot bitcoin ETF application, valkyrie asset manager and its investors still had something to rejoice about, as is reported having gotten the go-ahead to offer exposure to eth futures contracts through its Valkyrie bitcoin ETF and Ether Strategy.
The asset manager had previously applied to the SEC to convert its Valkyrie bitcoin Strategy ETF (BTF) into a new fund holding bitcoin and ethereum futures contracts.
This move was then touted as a way for the asset manager to gain a first-mover advantage, and it appears to have worked as it will become the first to offer US investors the opportunity to bet about the future price of ethereum. .
Confirming this news, Bloomberg analyst James Seyffart fixed that the Valkyrie ticker will begin containing “a small percentage of eth futures” starting September 29 and will change to “50% eth 50% btc” starting next week.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/09/9-Trillion-BlackRock-Sees-Bitcoin-Spot-ETF-Approval-Delayed-What" alt="Tradingview.com bitcoin Price Chart (Spot bitcoin ETF BlackRock)” width=”2884″ height=”1746″ loading=”lazy”/>
btc jumps above $27,000 resistance | Source: BTCUSD on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
