SEC Delays Hashdex and Grayscale: A Comedy of ETF Errors

SEC Postpones Verdict on Hashdex Spot Bitcoin ETF and Grayscale’s ETH Futures ETF

SEC delays decision on Hashdex Spot Bitcoin ETF and Grayscale’s ETH Futures ETF proposal.

Well, well, well! The United States Securities and Exchange Commission (SEC) has once again delayed making a decision on the spot Bitcoin exchange-traded fund (ETF) application submitted by the crypto asset management firm Hashdex. It’s like watching a snail trying to break the sound barrier!

But wait, there’s more! The SEC has also delayed an application from Grayscale Investments for an Ether futures ETF. It’s like they’re putting these ETFs on a never-ending rollercoaster ride! Can’t they make up their minds?

Both applications were supposed to have a deadline of November 17, but guess what? The SEC has decided to spice things up by extending the deadline and announcing a new date next year. It’s like they’re playing a game of “let’s keep investors on their toes.” Talk about a cliffhanger!

According to the SEC’s published notice, they need more time to consider the proposed rule change and the issues raised therein. So, they’ve set a new date, January 1, 2024, by which they’ll either approve or disapprove, or even worse, institute proceedings to determine whether to disapprove. It’s like waiting for the next episode of your favorite binge-worthy series…only it’s your investment future hanging in the balance!

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But fret not, my dear digital asset investors, for Hashdex recently had extensive discussions with the SEC about its proposal involving physical Bitcoin ETFs. It’s like having a heart-to-heart with your crush, hoping they’ll finally say yes. Hashdex argues that the crypto market is mature enough and that the Chicago Mercantile Exchange (CME) is developed enough to handle a physical Bitcoin ETF. They even claim that the rising open interest suggests high retail and institutional interest in Bitcoin, making the market less susceptible to manipulation. It’s like getting backup from the cool kids in school!

But hold your horses, folks! The SEC has been as stingy as Scrooge with Bitcoin ETF approvals. Since the Winklevoss Brothers’ Gemini exchange submitted the first application in 2013, the SEC has rejected them all. They seem to have a problem with fraud and market manipulation. It’s like they’re the ultimate party poopers!

This recent delay from the SEC has only fueled the market’s anticipation for the approval of a spot Bitcoin ETF. We’re all sitting on the edge of our seats, waiting for the big moment. So far, the SEC has received 12 applications this year alone. It’s like a race among crypto enthusiasts to see who can crack the SEC’s code!

But fear not, my fellow investors, some proposals have tried everything to address the SEC’s fears about market manipulation. They’ve gone all out, adding surveillance sharing agreements (SSAs) and whatnot. It’s like they’re the superheroes of the crypto world, fighting the evil forces of manipulation!

There was even a bullish prediction from Bloomberg ETF analysts, Eric Balchunas and James Seyffart. They thought the Commission would approve more than a few proposals by November 17. Oh, how naive they were! It’s like expecting a unicorn to appear out of thin air.

But hey, crypto ETF expert Stuart Barton believes in miracles. He thinks the SEC will approve all spot BTC ETF applications simultaneously, just like they did with ETH futures-based ETFs in the past. It’s like the SEC has a deja vu fetish!

So, my friends, let’s keep our hopes high and our fingers crossed. The SEC may be slow, but they’re not zombies…yet. Until then, sit back, relax, and enjoy the rollercoaster ride of SEC delays. It’s like a never-ending soap opera, where every episode brings us closer to the grand finale. Will the ETFs finally have their moment in the spotlight? Only time will tell.

Stay tuned for more thrilling episodes of “SEC Delays: The Saga Continues!” Submit your best conspiracy theories in the comments section below!

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