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

article-image

Mark Van Scyoc/Shutterstock modified by Blockworks

share

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.”

Loading Tweet..

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.”

Loading Tweet..

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.


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

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

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Sponsored

As part of the #Breakout2024 plans, Radix has introduced Token Trek

article-image

House members ask Gensler to keep a “consistent and equitable approach” with ether ETF proposals after the agency approved spot bitcoin ETFs in January

article-image

Using old-world instruments to address crypto user experience challenges goes against what this industry set out to do

article-image

And, weeks of a potential crypto ETF decision are no stranger to chaos

article-image

The FIT21 Act marks the second crypto-focused piece of legislation to advance in Congress this month

article-image

More than half of Solana transactions fail