SEC delays BlackRock, Valkyrie spot bitcoin ETFs decision

Industry experts anticipated the SEC’s move to postpone its decision

article-image

Who is Danny/Shutterstock modified by Blockworks

share

The Securities and Exchange Commission has delayed decisions on several other bitcoin ETF proposals just days after delayed decisions for Ark 21Shares and GlobalX until January.

The anticipated delays filed Thursday focused on BlackRock, Valkyrie, and Bitwise’s bitcoin ETF applications. The SEC initially delayed its decision on the fund on Aug. 31.

On Wednesday, the SEC moved to delay Hashdex’s bitcoin ETF which was expected on or around Oct. 6.

Bloomberg’s James Seyffart said the delays are trickling in now to get ahead of an expected government shutdown. In a hearing in DC earlier this week, SEC Chair Gary Gensler said a shutdown would leave the regulator with a “skeletal” staff. 

BlackRock is the most highly anticipated of the bitcoin ETF applications, with the $9 trillion asset manager having an impressive record of approvals from the SEC. Bloomberg’s Eric Balchunas and Seyffart have said that the record stands at roughly 575-1.

Read more: Is another SEC bitcoin ETF denial politically untenable?

Prior to the second delay, many of the fund hopefuls had deadlines in mid-October, though — as Blockworks previously reported — industry experts have stressed that the SEC can delay its rulings until the end of the 240-day deadlines.

The delays have left some questioning whether the SEC plans to appeal the Grayscale decision, in which a panel of judges sided with Grayscale and asked the SEC to re-examine its application to convert its Bitcoin Trust (GBTC) to an ETF.

As Blockworks noted, there is a 45-day window from the Aug. 29 decision for the SEC to appeal. That would mark Oct. 13 as its final day. 

However, as the bitcoin ETFs face further — though expected — delays, the SEC is pushing forward with Ethereum futures ETFs.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.

article-image

Also, former Valkyrie CEO lands new leadership role at Canadian investment firm Cypherpunk Holdings

article-image

This week’s biggest funding round saw Jump Trading, JPMorgan contribute to the round

article-image

Plus, a layer-1 for intellectual property is launching and Farcaster users peaked

article-image

Crypto still hasn’t shaken one of its most garish primordial tails — funny stories about fraud

article-image

Plus, publicly traded crypto companies had a pretty eventful news week

article-image

Committee members directed more questions to Christy Goldsmith Romero, who could soon be leading one of the more troubled federal agencies