SEC Puts Off its Decision on Crypto-based ETF Applications
The decision by the US Securities and Exchange Commission (SEC) on Hashdex’s proposal to convert its Bitcoin futures exchange-traded fund (ETF) into a spot vehicle has been delayed.
The same goes for Grayscale’s attempt to launch a new futures-based Ether ETF. Both companies filed for their respective ETFs in September, and the SEC was initially set to make a decision by November 17.
However, in a pair of Wednesday filings, the SEC announced that it is extending this deadline. This comes at a time when there is growing anticipation for the approval of a spot Bitcoin ETF by the SEC, which has rejected previous attempts to list such a product for the public.
There have been over a dozen filings for spot Bitcoin ETFs in 2023 and now, more companies are seeking to launch similar products exposed to Ether, the second-largest cryptocurrency by market capitalization.
The SEC has not revealed its stance on these recent applications, despite concerns raised in the past about market manipulation and a lack of surveillance-sharing agreements.
