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ETF Update: SEC Delays Decision on Several ETFs as Scheduled, Bloomberg Analysts Say SEC is Currently in Discussions with Industry Participants

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ETF Update: SEC Delays Decision on Several ETFs as Scheduled, Bloomberg Analysts Say SEC is Currently in Discussions with Industry Participants

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SEC Delays Decision on Bitcoin ETF as Expected

According to The Block Pro Headlines and reports, the SEC has delayed the approval of several cryptocurrency ETFs, including Hashdex, which is considered to be fully compliant with SEC regulatory requirements:

  1. Hashdex Ethereum Futures ETF

  2. Hashdex Ethereum Spot ETF

  3. Global X Bitcoin Spot ETF

  4. Franklin Bitcoin Spot ETF

The SEC has initiated a review period for the Global X Bitcoin Spot ETF, allowing the public to submit comments within the next 35 days, with the next approval date set for December 22nd.

Global X document

Fidelity Submits Application for Ethereum Spot ETF, the Seventh This Year

According to Bloomberg analyst James Seyffart's tweet, Fidelity has filed a 19b-4 application for an Ethereum Spot ETF, becoming the seventh institution to do so, following:

  1. Ark Invest and 21Shares

  2. VanEck

  3. Hashdex

  4. Invesco

  5. Grayscale

  6. BlackRock

Six major institutions vying for Ethereum Spot ETF! BlackRock joins the battle, ETH breaks through 2100

SEC Prefers Bitcoin ETF Backed by Cash?

Another Bloomberg ETF analyst, Eric Balchunas, tweeted that he heard the SEC's Trading and Markets Division is in discussions with ETF issuers, suggesting a shift towards using cash rather than physical Bitcoin to back spot ETFs.

He finds this development unsurprising and positive, as it would require issuers to engage in Bitcoin transactions directly rather than through unregistered subsidiaries or third parties, resulting in fewer restrictions overall.

Eric Balchunas noted:

Currently, only 2 to 3 of all applicants primarily use cash, while the rest rely on physical holdings. Nevertheless, this does not change our belief in a 90% probability of approval in January, which is a positive sign indicating progress. The SEC seems to have found a path they are satisfied with.