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Bitcoin spot ETF applications all rejected! Invesco Galaxy still submits Ethereum spot ETF application

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Bitcoin spot ETF applications all rejected! Invesco Galaxy still submits Ethereum spot ETF application

While the temporary shutdown warning of the U.S. federal government has been lifted, the U.S. Securities and Exchange Commission (SEC) has announced a comprehensive delay in the decision regarding Bitcoin spot ETFs. Currently, the eight Bitcoin spot ETF applications, including Fidelity, VanEck, and WisdomTree, will be postponed until mid-January next year for the next review. On the other hand, major asset management institutions are still competing to apply for Ethereum spot ETFs, with four Ethereum spot ETFs currently awaiting approval.

SEC Questions Bitcoin Spot ETF

In the document announced by the SEC, commentators are invited to provide feedback on the following:

  • Whether the exchange's proposal can prevent fraud and manipulation practices?
  • The general perception of the liquidity and transparency of the Bitcoin market and the sensitivity of the Bitcoin market to manipulation?
  • Whether the surveillance sharing agreement reached with the cryptocurrency exchange Coinbase helps in "detecting, investigating, and preventing fraud and manipulation"?

Commentators have 21 days to submit written materials, viewpoints, and arguments, followed by a 35-day rebuttal period, which means the approval process will be delayed by several more months at least.

Ethereum Spot ETF Applications in Full Swing

While the Bitcoin spot ETF application has yet to bear fruit, major asset management institutions are still applying for Ethereum spot ETFs. According to Bloomberg analyst James Seyffart's tweet, there are currently four Ethereum spot ETFs awaiting approval: ARKE by Ark in collaboration with 21Shares, Invesco Galaxy Ethereum ETF by Invesco and Galaxy, VanEck Ethereum ETF, and Hashdex Nasdaq Ethereum ETF.