• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»A spot bitcoin ETF is much closer to reality, we’re not there yet
Finance

A spot bitcoin ETF is much closer to reality, we’re not there yet

August 29, 2023No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
A spot bitcoin ETF is much closer to reality, we're not there yet
Share
Facebook Twitter LinkedIn Pinterest Email

The US Court of Appeals for the Federal Circuit in Washington, D.C., US, on Wednesday, Aug. 9, 2022.

Al Drago | Bloomberg | Getty Images

Well, now the SEC is in a real pickle. 

The U.S. Court of Appeals for the D.C. Circuit sided with Grayscale in a lawsuit against the SEC, greatly improving the chances that a bitcoin exchange traded fund will be approved. The SEC had earlier denied Grayscale’s application to convert its Grayscale Bitcoin Trust to an ETF. 

The problem for the SEC is that the court has squarely rejected the very basis on which the SEC has been denying a spot bitcoin ETF for the past several years. 

The SEC has said it can’t approve a spot bitcoin ETF because there isn’t a regulated crypto market of sufficient size to prevent manipulation. 

But the court called out the SEC over its prior approval of a futures-based bitcoin product.  The court said, in essence, Hey, you approved a futures-based bitcoin product. The futures and the spot market are “like” products. If you approve one, you have to approve the other. 

“Because the spot and futures markets for bitcoin are highly related, it stands to reason that manipulation in either market will affect the price of bitcoin futures,” the court said. 

“The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products,” the appeals court said. 

The tragedy of this ruling is that it does nothing to alleviate the concern over possible manipulation, which has not gone away. The court simply said that the SEC has erred in approving one ETF (bitcoin futures) and not approving another (spot bitcoin). 

See also  Ford avoids Canadian auto strike with union deal

Where to from here 

What’s next?  A lot depends on whether SEC Chair Gary Gensler wants to fold or fight to the end. 

The SEC has several choices to make. 

The first is whether it wants to appeal the case, in which case the order would be stayed until there is a decision on the appeal. The regulator has 45 days to make that decision. An appeal is possible, but the harsh tone of the judicial ruling certainly makes it more difficult for the SEC to appeal. 

Depending on the decision to appeal, there are several choices after that. 

1) Approve all or some of the nine applications for a spot bitcoin ETF as soon as possible. The SEC could go along with the court ruling and issue an order allowing the exchange on which the Grayscale ETF would list (NYSE Arca) to go ahead and list the Grayscale fund, or approve other funds that have applied. 

Applicants for a spot bitcoin ETF

  • Grayscale Bitcoin Trust
  • Ark/21 Shares Bitcoin Trust
  • Bitwise Bitcoin ETF Trust
  • BlackRock Bitcoin ETF Trust
  • VanEck Bitcoin Trust
  • WisdomTree Bitcoin Trust
  • Valkyrie Bitcoin Fund
  • Invesco Galaxy Bitcoin ETF
  • Fidelity Wise Origin Bitcoin Trust

 2) Delay as long as the law allows.  The first of the applicants to file was Ark, which published in the Federal Register on May 15.  The SEC has a maximum time of 240 days to approve or deny those applications, meaning the first deadline would be January 10, 2024. 

3) Come up with a new rationale why the application should not be approved and dare Grayscale to sue again. The SEC can no longer use the argument that there is not a market of sufficient size to prevent manipulation, but it could come up with other arguments. 

See also  Canada Froze Bank Accounts, Bitcoin Wallets Belonging of 800+ Protesters Including Freedom Convoy

Like what?  That’s not clear. 

There’s one final possibility: the SEC could just kill the bitcoin futures ETF.  That is theoretically possible, but unlikely, considering the SEC recently approved (leveraged) bitcoin futures. 

Who’s first in line? 

Even assuming a spot bitcoin ETF is coming, it doesn’t mean Grayscale can necessarily jump the line. It’s possible the SEC will approve ARK first, or all of them at the same time. 

I wonder if the SEC is regretting that decision to approve bitcoin futures. 

Note:  Matt Hougan Chief Investment, Officer for Bitwise Asset Management, one of the applicants for a spot bitcoin ETF, will appear on ETF Edge on Halftime Report Wednesday.  For ETF Edge at 2:00 PM ET, Hougan will be joined by Craig Salm, Grayscale’s chief legal officer, and Jeremy I. Senderowicz, an attorney with VedderPrice who has been representing ETFs for close to 20 years.

 

Bitcoin closer ETF Reality spot
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025

The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

April 17, 2025

Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

April 17, 2025

How China’s Companies Are Responding to the US Trade War

April 16, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Scammers Target Parents with AI-Generated Copies of Their Children Begging for Help

October 1, 2023

Jared Kushner’s Post-White House $2 Billion Saudi Investment Sparked Ethical Debate and Saudi Skepticism Due to ‘Inexperience’ and ‘Public Relations Risks’

September 8, 2023

Shop the Best Prime Day Beauty Deals 2023

July 11, 2023

As His Campaign Stumbles, Ron DeSantis Seems To Be Taking Potentially Illegal Gifts

July 7, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Uzbekistan’s Transition to a Green Economy: Challenges and Opportunities

February 22, 2023

Pornography Targeting Women Makes Up 98% of All Deepfake Images

December 5, 2023

Carl Icahn’s company stock drops 30% after IEP slashes quarterly dividend in half

August 4, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.