In a recent development, the Securities and Exchange Commission (SEC) has announced an extension of the deadline for its decision on Grayscale’s Ethereum Futures Trust. The new deadline is set for January 1, 2024. This extension allows the SEC additional time to either approve, disapprove, or initiate proceedings to determine the viability of the proposed rule change.
The SEC’s filing on Wednesday indicated a need for a more extended period to review the proposal thoroughly. Initially, a decision was expected this November or possibly next year. However, the SEC now has an extended window to deliberate.
HashDex’s Spot Bitcoin ETF Application in the Spotlight
Hashdex, a notable player in the cryptocurrency market, is also in the news for its recent application to convert its bitcoin futures ETF into a spot bitcoin ETF. This application was submitted in September, alongside Grayscale’s filing for its ether futures ETF. The SEC has also postponed its decision on these filings to January 2023.
Despite the SEC’s decision delay, the cryptocurrency market seems unaffected. Bitcoin’s price surged more than 5% to $37,500 following the announcement. This resilience indicates a market that is not heavily swayed by regulatory uncertainties.
Grayscale’s CEO Comments on the Development
Grayscale CEO Michael Sonnenshein expressed that converting ETHE to an ETF is a significant step in bringing Ethereum further into the US regulatory framework. The company recognizes the importance of this move for the evolution of their product.
The SEC has not decided on the latest bitcoin futures ETF applicants batch. The regulatory body has expressed concerns about market manipulation and the need for surveillance-sharing agreements, critical factors in their decision-making process.
Apart from Grayscale, Franklin Templeton is another applicant for a Bitcoin exchange fund. Their deadline for submission is November 17. Other companies anticipate responses in 2022, highlighting a period of regulatory uncertainty and anticipation in the cryptocurrency ETF space.