Yello Paradisers! This week, the U.S. Securities and Exchange Commission (SEC) has been busy extending deadlines on several crucial cryptocurrency exchange-traded fund (ETF) rule changes. The latest delay involves the Global X Bitcoin Trust 19b-4 rule change, following a pattern of postponements for both Bitcoin and Ethereum spot ETF rule changes.
📰 Global X Bitcoin Trust Rule Change Delay
The SEC’s decision to delay the Global X Bitcoin Trust 19b-4 rule change, expected on Nov. 21, opens up a 35-day comment period post its publication in the Federal Register. This decision mirrors the Commission’s cautious approach, which has been consistent in their handling of cryptocurrency ETF applications.
📰 Analysts’ Take on the Delays
Bloomberg analysts have been closely following these developments. James Seyffart noted the predictability of this delay, while Eric Balchunas highlighted the SEC’s advisory for ETFs to opt for cash creations instead of in-kind. Balchunas views this approach as logical for such funds, indicating that it’s a positive, albeit expected, development.
📰 Grayscale and Hashdex Also Facing Delays
Grayscale’s Ethereum ETF rule change and Hashdex’s Ethereum and Bitcoin ETF proposals have also been postponed this week. These delays are part of a broader trend of the SEC taking a measured and cautious stance when it comes to approving cryptocurrency ETFs.
📰 BlackRock’s Entry into Ethereum ETF Arena
Adding to the ETF narrative, BlackRock has recently filed an S-1 for a spot Ethereum ETF, following its 19b-4 filing last week. This move by the world’s largest asset manager signifies the growing interest and potential in cryptocurrency ETFs, despite the SEC’s ongoing reservations.
📰 Conclusion: A Week of Watchful Waiting in Crypto ETF Space
This week’s series of delays by the SEC illustrates the intricate and cautious approach being taken towards cryptocurrency ETFs. As the regulatory landscape continues to evolve, the crypto community remains in a state of watchful waiting, eager to see how these ETF proposals will ultimately fare.
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