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The US Securities and Exchange Commission (SEC) has postponed its decision on the filings of Hashdex’s bitcoin Spot ethereum Futures ETF (ETF) and Grayscale’s ethereum Futures ETF.
The securities regulator had an initial deadline of November 17 to make a decision on the two applications.
It has now added a 45-day window, and the next decision deadline for both is set for January 1, 2024.
SEC Delays Hashdex’s ‘Single’ bitcoin Spot ETF
Hashdex’s btc Spot ETF application was delayed despite the asset manager taking a unique approach.
Breaking: NYSE files amendment to another ETF, which will now be called Hashdex bitcoin ETF
Your app is unique because you will not use Coinbase, you will use pricing and purchase btc spot through CME.
You will hold a mix of spot and futures positions.
Hard to reject in my opinion pic.twitter.com/K1ABKKZX5o– Alistair Milne (@alistairmilne) August 25, 2023
Unlike other recent filings, Hashdex will acquire spot btc from physical exchanges on the Chicago Mercantile Exchange (CME). This makes the ETF solely dependent on CME prices.
He presentation 19b-4 It says doing this will “avoid any exposure to potential manipulation by unregulated exchanges.”
The second saying needs “sufficient time to consider the proposed rule change and the issues raised therein.”
Analysts Say Grayscale eth Futures ETF Is a ‘Trojan Horse’
While reacting to the SEC’s decision delayed decision On the Grayscale eth futures ETF, Bloomberg ETF analyst James Seyffart said Grayscale was “playing chess” with the commission.
At first I wasn’t sure why they would sue for this. But my thoughts have evolved over the past few weeks and are basically these:
Grayscale is playing chess, not checkers here. They probably hope to force the SEC to issue a 19b-4 ruling on an eth futures ETF…-James Seyffart (@JSeyff) November 15, 2023
He noted that if the SEC approved Grayscale’s ethereum ETF, it would allow the digital asset manager to “point out the SEC’s hypocrisy in deciding between futures and spot.”
“I doubt Grayscale intends to release this,” Seyffart said. “Receiving a 19b-4 order from the SEC is nothing more than a Trojan horse. And watch them try to approve and argue why this is different than spot.”
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