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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

Former White House crypto official Bo Hines is expected to be the CEO of the new project

article-image

In bonds, stablecoins and billionaires, a reminder of what makes crypto special

article-image

21Shares exec says CPI and PPI data supports a Fed rate cut, with market leaning toward a 25bps decrease

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers