SEC delays yet another bitcoin ETF rule change
After the filing is listed in the Federal Register, a comment period spanning at least 35 days will begin
Mark Van Scyoc/Shutterstock modified by Blockworks
The Securities and Exchange Commission delayed a decision on the Global X Bitcoin Trust 19b-4 rule change on Friday.
The expected delay follows a slew of similar delays this week. The SEC has delayed proposed rule changes for both ether and bitcoin spot ETF rule changes.
The Commission previously delayed a decision back on Sept. 26 due to concerns at the time of a government shutdown. The SEC had a deadline of Nov. 21 to delay, greenlight or reject the Global X filing.
The filing opens up a comment period on the application which is expected to last 35 days after it is published in the Federal Register.
Bloomberg analyst James Seyffart pointed out in a post on X that the delay was “expected.”
Bloomberg analyst Eric Balchunas posted on X Friday that he was hearing “chatter SEC’s Trading & Markets engaged w/ exchanges this week on spot bitcoin ETF 19b-4s, is advising them they’d like the ETFs to do cash creates (vs in-kind), and has asked them to get in amendments in next couple wks. This isn’t unexpected but good sign nonetheless.”
In a follow up post, he noted that the cash creates approach “makes sense” for these types of funds.
Grayscale’s ETH ETF rule change was also delayed this week, as well as Hashdex’s ETH ETF rule change and its bitcoin ETF proposal as well.
To continue the ETF news circus, BlackRock tossed its hat in the ring by filing an S-1 for its proposed spot ethereum ETF yesterday. It filed a 19b-4 for the proposed fund late last week.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
