According to Cointelegraph, the United States Securities and Exchange Commission (SEC) may approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications by Nov. 17. Starting on Nov. 9, the SEC has a window to approve all 12 spot Bitcoin ETF filings, including Grayscale Investments' conversion of its Grayscale Bitcoin Trust product. However, even if the SEC approves spot Bitcoin (BTC) ETFs by Nov. 17, it could take more than a month before the products launch. The expected delay in launch following SEC approval is due to the two-step process of launching an ETF. For an issuer to start a Bitcoin ETF, it must get approval from the SEC’s Trading and Markets division on its 19b-4 filing and its Corporate Finance division on the S-1 filing or prospectus. Out of the 12 Bitcoin ETF applications, nine issuers have submitted revised prospectuses, indicating they have communicated with the Corporate Finance division.
Meanwhile, Nasdaq filed the 19b-4 form with the securities regulator on behalf of the $9 trillion asset management firm BlackRock for a proposed ETF, the iShares Ethereum Trust. This move signals BlackRock's intention to expand beyond Bitcoin with its crypto ETF aspirations. The fund has already registered the corporate entity iShares Ethereum Trust in Delaware. At least five other firms are seeking SEC approval for a spot Ether (ETH) ETF: VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex. U.S. Representatives Zach Nunn and Abigail Spanberger have jointly introduced the Creating Legal Accountability for Rogue Innovators and Technology Act of 2023, or the CLARITY Act of 2023. The legislation aims to prohibit federal government officials from conducting business with Chinese blockchain companies. The act would ban government employees from using the underlying networks of Chinese blockchain or cryptocurrency trading platforms. Furthermore, it would explicitly forbid U.S. government officials from engaging in transactions with iFinex, the parent company of USDT issuer Tether.
