SEC Delays Decision on HashDex Bitcoin Spot ETF Application, Grayscale Ether Futures Filing

The U.S. Securities and Exchange Commission (SEC) has announced a delay in making a decision on Hashdex’s application to convert its bitcoin futures exchange-traded fund (ETF) into a spot vehicle, as well as Grayscale’s attempt to launch a new futures-based ether ETF. Despite the delays, the anticipation of a spot bitcoin ETF approval continues to grow, as several companies have filed to launch such products. The SEC has not indicated how it will rule on these applications, but concerns about market manipulation and surveillance-sharing agreements raised in previous rejections may have been addressed. The price of bitcoin remains unaffected by the delays, with the cryptocurrency seeing a 5% increase.

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HashDex Bitcoin Spot ETF Application

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on an application by Hashdex to convert its existing bitcoin futures ETF into a spot vehicle. Hashdex filed to convert its bitcoin futures ETF into a spot bitcoin ETF in September. The SEC has delayed the decision deadline, which was originally set for November 17th. This delay has left the market waiting for further updates regarding the approval of a spot bitcoin ETF.

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Grayscale Ether Futures Filing

Grayscale, a subsidiary of CoinDesk parent company Digital Currency Group, has also faced a delay in its attempt to launch a new futures-based ether ETF. Grayscale filed for its ether futures ETF in September, and like Hashdex, the SEC has delayed the decision deadline for this filing as well. The initial deadline was November 17th, but there is no set date for when the SEC will make a final decision on the filing.

Heightened Anticipation for Spot Bitcoin ETF Approval

There is currently a heightened anticipation in the market for the approval of a spot bitcoin ETF. Over a dozen companies have filed to launch spot bitcoin ETFs in 2023, and the SEC has yet to indicate how it will rule on these applications. Previous rejections of spot bitcoin ETFs raised concerns about market manipulation and a lack of surveillance-sharing agreements. However, applicants argue that these concerns have been addressed and are no longer relevant. The approval of bitcoin futures ETFs by the SEC earlier this year supports this view.

Delays Don’t Affect Bitcoin Price

Despite the delays in the SEC’s decision-making process, the price of bitcoin remains unaffected. In fact, the price of bitcoin has risen over 5% to $37,500 during this time. This shows that the market is not solely relying on the approval of a spot bitcoin ETF for price movement and that other factors are contributing to the current price increase.

Franklin Templeton Bitcoin ETF Application

Another bitcoin ETF applicant, Franklin Templeton, also has a decision deadline of November 17th. It remains to be seen whether the SEC will delay its decision on this application as well. Other companies will have to wait until 2024 for any further decisions on their applications.

SEC’s Concerns Addressed by Applicants

Applicants for spot bitcoin ETFs argue that the SEC’s concerns about market manipulation and surveillance-sharing agreements have been addressed in their filings. They believe that the approval of bitcoin futures ETFs by the SEC proves that these concerns are no longer relevant. In fact, an appeals court also echoed this view earlier this year. However, it ultimately remains up to the SEC to make a final decision on these applications.

SEC Delays Final Decisions

The SEC has yet to make final decisions on the various applications for spot bitcoin ETFs and futures-based ether ETFs. The delays in the decision-making process have left the market waiting and uncertain about the future of these ETFs. Investors and market participants are eagerly anticipating the SEC’s rulings on these applications.

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In conclusion, the SEC’s delay in making decisions on the applications for spot bitcoin ETFs and futures-based ether ETFs has increased anticipation in the market. Companies are addressing the SEC’s concerns about market manipulation and surveillance-sharing agreements. The price of bitcoin remains unaffected by the delays, showing that other factors are influencing its price movement. Investors and market participants eagerly await the SEC’s final rulings, which will shape the future of these ETFs. CoinDesk, as a trusted source of news and information, maintains the highest journalistic standards and provides updated privacy policies for its readers.

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