Update oncourters, today is no longer the day the SEC will decide on all the spot bitcoin exchange-traded fund (ETF) applications filed by applicants earlier this year; the SEC has now delayed making a decision to October. Such applicants include BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets. The delay means that existing comment periods are now extended. 

Traditionally, both with and without futures being the underlying asset, the SEC has used every comment and review period to delay making final decisions; therefore, the SEC’s indication to delay its decision on these ETF applications comes as less of a surprise than much of crypto has been lately. 

Specifically, the SEC has 240 days from the initial review of applications to delay making its final decision to approve or deny. As it now stands, the regulator’s arguments with Grayscale are similar to its arguments with many of the other ETF applications. The D.C. Circuit Court of Appeals, in the Grayscale case, the latest of the bunch, has indicated that some of the SEC’s arguments lack weight—which is referred to as “arbitrary and capricious,” under the law. 

See y’all back on court in October with this matter!