The SEC has decided to postpone many ETF decisions again this week. It seems like the SEC’s decision process about ETFs will take a while longer. SEC Chairman Gary Gensler stated that Bitcoin is not a security and that they will not rush their decisions about ETFs, and they are reviewing in detail.

Companies Apply for Spot Bitcoin ETF

ETF applications have been made by many companies. Some of these are large companies such as BlackRock, Fidelity, Invesco & Galaxy, and 21Shares & ARK, which have applied for Spot Bitcoin ETF.

When we look at the table showing when the SEC has to make its final decision about these applications, we see that many ETFs will be concluded in 2024.

The total assets of companies that applied for ETF are over 23 trillion dollars. Also this shows us that if these ETFs are accepted, Bitcoin could become a much more preferred investment tool.

Companies With Postponed Spot Bitcoin ETF Applications

The SEC, due to the possibility of government closure this week, has decided to expedite the decision process and postpone many ETFs again.

ETF decisions postponed by SEC this week;

• Announced postponement of ARK Invest’s spot Bitcoin ETF application.
• Announced the postponement of Global X’s spot Bitcoin ETF application.
• Announced postponing the decision on ARK 21Shares Ethereum Spot ETF.
• Announced the postponement of Valkyrie’s spot Bitcoin ETF application.
• Announced postponing Invesco and Bitwise’s spot Bitcoin ETF application.
• Announced postponing Blackrock’s spot Bitcoin ETF application.
• Announced the postponement of VanEck’s spot Bitcoin ETF application.
• Announced postponing WisdomTree’s spot Bitcoin ETF application.
• Announced postponing Fidelity’s spot Bitcoin ETF application.

Companies Applying for Spot Ethereum ETF

Companies applying for Spot Ethereum ETF include Fidelity, Invesco Galaxy, VanEck, Ark&21Shares and Hashdex. So far, the SEC has not approved any Spot Ethereum ETF.

This week, the SEC postponed VanEck and Ark&21Shares Spot Ethereum ETF applications

Companies Applying for Ethereum Futures ETF

Many companies have applied for Ethereum Futures ETF. These companies include Volatility Shares, Bitwise, Roundhill, VanEck, Proshares, Grayscale and ARK Invest&21Shares. The SEC has so far only accepted the VanEck Ethereum Futures ETF decision.

It is expected that the SEC will accept the Proshares and Bitwise Ethereum Futures ETF decisions today. If the ETFs are accepted today, it is expected that the ETFs will be opened for trading next week.

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SEC requested specific customer asset information from Binance.US, yet BAM, Binance.US’s parent company, confirmed they hadn’t provided this data yet. Consequently, the SEC asked the court to review Binance.US due to non-compliance in sharing requested documents.

The judge declined the SEC’s request for direct oversight of Binance, emphasizing collaboration between the two parties. Additionally no decision made in SEC and Binance.US lawsuit.

During the court session, the SEC sought details on customer asset storage, encompassing crypto wallets and BAM’s general ledger, which oversees financial statements and emergency recovery policies.

In response, BAM committed to providing the general ledger on a mutually agreed-upon date. Furthermore, the SEC sought information about Ceffu, the entity they claimed was the “newly branded Binance entity” overseeing customer assets.

Finally, the regulatory body and BAM reached an agreement to conduct a hearing on December 12th and submit a joint status report by December 10th.

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SEC Lawsuit Against Binance US: Unregistered Securities and Legal Maneuvers

The SEC’s lawsuit against Binance.US, Binance, and CEO Changpeng Zhao, initiated in June, focuses on allegations of conducting unregistered securities operations and various irregularities, including wash sales. In response to these legal proceedings, Binance.US sought a protective order against the SEC in August. Notably, during this period, the SEC received partially concealed documents totaling 117 pages under docket no. 102.

These concealed documents include crucial internal Binance.US materials, correspondences, and submissions to the SEC court. Speculation links these records to an ongoing U.S. Justice Department investigation into Binance. Of particular importance is the memorandum addressing Binance.US’ adherence to the SEC’s information collection efforts, officially filed on September 14.

Furthermore, it’s vital to highlight that Faruqui’s ordered list did not cover the complete set of sealed documents. On September 11, BAM, the parent company of Binance.US, submitted a proposed order, along with the SEC’s opposing document and eight exhibits, all under seal and not referenced in the earlier order.

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The United States Securities and Exchange Commission ( SEC ) has recently announced a postponement in its decision regarding seven prominent applicants seeking approval for a spot Bitcoin exchange-traded fund  ( ETF ) in the United States.

On August 31, the SEC filed a series of documents in which it stated the necessity for additional time to conduct a comprehensive assessment of the proposed rule changes required to permit the listing of spot Bitcoin ETF s on the stock exchange. This delay affects seven applicants, including BlackRock, the world’s largest asset manager, as well as VanEck, WiseOrigin, Invesco Galaxy, WisdomTree, Bitwise, and Valkyrie Digital Assets.

JUST IN: SEC is opting to delay (as expected) on spot bitcoin ETF deadlines pic.twitter.com/W4JjOji6L2

— Eric Balchunas (@EricBalchunas) August 31, 2023

Although the proposed rule change was published on July 19 for public input, the SEC has stayed within the 45-day response period. Opting for an additional 45-day extension, the SEC has shifted the decision date for five applications to October 17. Despite the varying deadlines for these applications, with Bitwise’s deadline set for October 17 and Valkyrie Digital Assets’ deadline for October 19, the language in all the filings remains similar. They indicate that these proposed dates are when the SEC anticipates making a decision to either approve, disapprove, or initiate proceedings to determine whether to disapprove the proposed rule changes.

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Grayscale’s Triumph and Market Uncertainty

Interestingly, this development comes shortly after Grayscale Investments succeeded in appealing an initial SEC decision that rejected the listing of its spot Bitcoin ETF. On August 29, the United States Court of Appeals for the D.C. Circuit ruled in favor of Grayscale, prompting a reevaluation of their application. This victory has led to increased optimism in the market, with Bloomberg analysts now giving a 75% probability assessment for the launch of spot Bitcoin ETF in 2023.

Furthermore, the SEC has recently added another obstacle to the joint spot Bitcoin ETF from Ark Invest and 21 Shares, known as the Ark 21Shares Bitcoin ETF. On August 11, this product faced its third setback in terms of an outcome date, following previous rejections in 2021 and earlier this year.

In summary, the SEC’s decision to postpone its rulings on these six spot Bitcoin ETF applications, along with the Grayscale case developments, has generated significant anticipation and uncertainty in the cryptocurrency market, with market participants eagerly awaiting further regulatory clarity.

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Grayscale, which had submitted a Bitcoin Spot ETF application in the past few months, filed a lawsuit after the SEC rejected their ETF application. The decision from the court had been eagerly awaited for weeks. In breaking news, it has been reported that the court has ruled in favor of Grayscale. Following the decision, the SEC has revoked its rejection of the spot ETF application.

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Here is the opinion issued by the presiding judge in the case:

“Grayscale has presented undeniable evidence, showing a 99.9% correlation between the Bitcoin spot market and the CME futures price. The SEC has failed to adequately explain why it approved two Bitcoin futures ETPs while denying Grayscale‘s proposed Bitcoin ETP. In the absence of a coherent explanation, the unequal regulatory treatment of similar products is deemed unlawful. Consequently, we have accepted Grayscale‘s request for a review and have overturned the Commission’s decision.” As a conclusion, Grayscale Wins the Lawsuit!

Grayscale remarked, “The court’s decision marks a significant milestone for both the Bitcoin ecosystem and American investors.”

After the ruling, Bitcoin underwent a sudden surge, reaching levels around $27,700.

Further details are currently being updated…

For Instant Access to News, Click Here.

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According to information conveyed by Bloomberg, the SEC might accommodate these ETF requests. However, Bloomberg does not disclose the sources behind this news.These sources also state that the blocking of these ETFs is unlikely. Following a significant market downturn, this news further eased investors’ concerns. After an almost $800 million liquidation in the market, prices began to turn upwards. This news remains a key factor supporting the upward trend.

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In fact, according to the reported news, starting October 1st, these ETFs will begin trading on exchanges. Among the companies applying are several like Volatility Shares, Bitwise, Roundhill, and ProShares. Their approval would bring significant speed and popularity to the cryptocurrency markets.

Furthermore, the potential approval of these ETFs could mark a significant milestone in the broader acceptance and integration of cryptocurrencies into traditional financial markets. This move might also attract more institutional investors who have been waiting for a regulated and standardized way to invest in cryptocurrencies. The listing of Ethereum ETFs on exchanges could potentially increase accessibility for retail investors as well, making it easier for a wider range of individuals to participate in the crypto market without the complexities of directly holding and managing cryptocurrencies.

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The United States Securities and Exchange Commission (SEC) and cryptocurrency exchange Binance have issued their official response in relation to the involvement of “Eeon,” a party that sought to intervene on behalf of customers in the ongoing case. Both the SEC and Binance have expressed their opposition to Eeon’s request to intervene, stating that it fails to meet the required legal criteria for intervention and consent.

According to the Court for the District of Columbia, both Binance, the defendant, and the U.S. Securities and Exchange Commission (SEC), the plaintiff, opposed Eeon’s bid to intervene in the legal dispute.

The SEC argues that Eeon has a track record of frequently acting as their own representatives in legal proceedings, but their assertions have consistently failed in federal courts. The SEC has advised the court to dismiss Eeon’s application for various reasons.

Screenshot of SEC’s response to the intervention petition. Source: Court Listener.

Initially, the Exchange Act forbade private parties from intervening, rendering Eeon’s appeal impermissible. The SEC claims Eeon’s involvement won’t impact the case as their allegations match those of the defendants. Lastly, Eeon’s petition does not fulfill the essential prerequisites for intervention. Moreover, Eeon’s counterclaims, seeking remedies against both the SEC and Binance, display inherent contradictions.

Binance presented three reasons for rejecting Eeon’s plea. Firstly, the absence of the SEC’s approval; secondly, Eeon’s inability to establish its legitimacy as an involved party; and thirdly, the failure to meet the essential legal prerequisites for intervention. Moreover, Eeon’s counter-allegation was deemed imprecise and unrelated to the ongoing lawsuit.

Screenshot of the Binance’s reply to the intervention request. Reference: Court Listener.

Consequently, the plaintiff (SEC) and defendants (Binance and CEO Changpeng “CZ” Zhao) stand united against Eeon’s intervention in the SEC’s lawsuit.

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Meanwhile, Binance has filed a motion to dismiss the lawsuit the US CFTC initiated. They claim the CFTC lacks jurisdiction over the global crypto exchange and its CEO, CZ. Extended court deadlines for responses from both parties may prolong the dismissal process into next year.

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