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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SEC Appeals Ripple Labs Case Ruling

The SEC’s interim appeal comes almost a month after Judge Analisa Torres issued her ruling. The United States Securities and Exchange Commission’s decision to challenge the court ruling from July in the Ripple Labs case was based on the determination that they did not consider the sale of XRP to retail investors as a security.

In a letter dated August 9th sent to Judge Analisa Torres, the SEC stated that it believes an appellate court should review the decision. During the appeals process, the SEC requested a suspension of the case and pointed out that the outcome of the appeal could affect several other court cases. The SEC has legal disputes with various cryptocurrency companies, including Binance and Coinbase, over alleged securities violations.

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The SEC justified the interim appeal based on two significant legal issues. Moreover, these issues involve complex legal questions and encompass a wide area with a range of diverse opinions. Furthermore, a jurisdictional split within the region had already starkly highlighted these differences. Therefore, the SEC firmly asked the court to confirm its decision that Ripple’s programmed XRP offerings and individual sales on cryptocurrency exchanges were not to be classified as securities. Additionally, the SEC mentioned the judge’s ruling in the Terraform Labs case, where the judge suggested that cryptocurrencies sold on crypto exchanges could be regarded as securities.

AND… the SEC continues making questionable decisions, requesting an interlocutory appeal.

Note that it is NOT appealing whether XRP itself is a security – just its losses on the programmatic and individual sales issues. https://t.co/GziVLp23mT

— Jeremy Hogan (@attorneyjeremy1) August 9, 2023

Recent Developments in Ripple’s Legal Battle with the SEC

The presentation of the SEC’s letter followed a recent period during which Ripple secured a partial victory in its dispute with the SEC over the security status of XRP. This development took place nearly a month ago. Judge Torres explicitly declared that the XRP token itself does not hold the classification of security. However, she clarified that they could consider the sale of XRP tokens as a security under specific circumstances, particularly when they target institutional investors, but not when they sell to retail investors on exchanges.

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