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<\/p>\nThe United States Securities and Exchange Commission is facing its first deadlines to decide on seven new Bitcoin (BTC) spot exchange-traded fund applications with the latest being Sept. 4 amid its defeat to Grayscale Investments in a U.S. federal appeals court.<\/p>\n
Investment firm Bitwise will learn if its ETF will win the SEC\u2019s approval on Sept. 1 while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all be awaiting the SEC\u2019s decision for their funds by Sept. 2, according to several SEC filings.<\/p>\n
Meanwhile, Valkyrie is set to hear back from the SEC on Sept. 4.<\/p>\n
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The U.S. Court of Appeals ruled on Aug. 29 that the SEC\u2019s rejection of Grayscale\u2019s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was \u201carbitrary and capricious\u201d \u2014 but it doesn\u2019t mean the SEC must approve Grayscale\u2019s application or others in the future, says Bloomberg ETF analyst James Seyffart.<\/p>\n
In an Aug. 29 Bloomberg interview, Seyffart explained Grayscale\u2019s win \u201cdefinitely\u201d increases the odds of a successful outcome for the next wave of applicants. <\/p>\n
He isn\u2019t sure when that day may come though, as the SEC can delay its decisions and has two more proposed deadlines for each fund before being forced to make a final decision on the 240th day post-filing.<\/p>\n
For the awaiting applicants, the final deadlines for the SEC are al mid-March next year.<\/p>\n
After today\u2019s ruling in favor of Grayscale, the regulator has 90 days to file an appeal with the U.S. Supreme Court or apply for an En banc review \u2014 where a full circuit court can overturn a ruling made by a three-judge panel.<\/p>\n
However, the SEC hasn\u2019t made clear what its next move will be.<\/p>\n
If the SEC doesn\u2019t appeal the court will need to specify how its ruling is executed which could include instructing the SEC to approve Grayscale\u2019s application, or at the very least revisit it.<\/p>\n