SEC Delays Hashdex’s Bitcoin Spot ETF Proposal, Grayscale’s Ethereum Futures ETF Proposal

The US Securities Commission (SEC) has made the decision to carry on delaying the assessment time for pending Bitcoin and Ethereum ETF proposals.

SEC Delays Hashdex’s Bitcoin Spot ETF Proposal, Grayscale’s Ethereum Futures ETF Proposal: BTC Price Sets New High Again. Photo: CryptoSlate

According to the early morning announcement on Nov. sixteen, the U.S. Securities and Exchange Commission (SEC) has made the decision to delay two proposals for Hashdex’s Bitcoin spot ETF and Grayscale’s Ethereum futures ETF.

UPDATE: There is a delay in ordering @hashdex the application to convert $DEFI from a #bitcoin Futures ETF to an ETF that holds the two futures and spot.

h/t @News_Of_Alpha https://t.co/AAHHFiMQBu pic.twitter.com/tWJrYvqOrf

—James Seyffart (@JSeyff) November 15, 2023

UPDATE: @Greyscale Ethereum Futures 19b-four filing delayed. Nothing remotely surprising about this. They also filed for conversion individually $ETHE in an ETF. pic.twitter.com/bBNOBiFN3U

—James Seyffart (@JSeyff) November 15, 2023

Both of these proposals have been submitted to the SEC in September, and the deadline for the SEC’s choice is November 17. Therefore, the US Securities Commission made the decision it wished additional time to reflect. Oddly ample, the SEC has however to announce a Bitcoin spot ETF proposal that also has a Nov. 17 deadline from Franklin Templeton, but an announcement is possible to come this Friday as very well.

Furthermore, the SEC’s delay on Grayscale’s Ethereum futures ETF is also odd, as the commission in October authorized the launch of a series of ETH futures ETFs. The explanation could be the ongoing litigation amongst the SEC and Grayscale, the organization that won the situation towards the Securities Commission in August, and which had asked to convert two Bitcoin and Ethereum money into spot ETFs.

As reported by Coinlive, the ETF is the driving force that has assisted the development of the cryptocurrency market place from late October right up until nowadays, when it was initiated by lots of Wall Street monetary giants this kind of as BlackRock. However, the SEC has by no means authorized a Bitcoin spot ETF, arguing that the cryptocurrency market place is nevertheless riddled with manipulation and fraud, threatening traders. The most common instance is an individual posing as BlackRock to submit an application to produce an XRP ETF in Delaware.

The SEC’s delay on Hashdex’s Bitcoin ETF proposal also shattered earlier predictions from Bloomberg analysts, who had stated there would be a Nov. 9 to Nov. 17 window for Securities and Exchange approval Commission. regarded by this company to make certain fairness, due to the fact there have been lots of indications that the SEC is getting ready legal initiatives to approve a Bitcoin ETF.

Spot Bitcoin ETF proposals are below scrutiny by the SEC. Photo: Bloomberg (November 9, 2023)

The rate of bitcoin on the morning of November sixteen not only did not react negatively to the over facts, but even rose to USD 37,980, a new peak of 2023 and also the highest considering that May 2022, ahead of the collapse. Occurs on collapse of LUNA-UST.

four-hour chart of BTC/USDT pair on Binance as of 08:ten November sixteen, 2023

Ethereum also recorded a equivalent recovery to $two,080, even though it has not however managed to surpass the past peak of $two,136.

four-hour chart of ETH/USDT pair on Binance as of 08:ten November sixteen, 2023