According to Bloomberg, the US Securities and Exchange Commission (SEC) is expected to make some important decisions on several Bitcoin ETF applications ahead of US Labor Day over the weekend.
However, some analysts believe that the regulator will likely delay its decisions until a pending lawsuit regarding Grayscale Investments is resolved.
The SEC must respond to applications from Bitwise, BlackRock, VanEck, WisdomTree, and Invesco by September 1 or September 2, depending on the application. The SEC can approve, reject, or delay its decision on BTC ETFs.
However, Roxanna Islam, vice president of research and head of industry and industry research at VettaFi, said the SEC will likely extend the review period for spot-Bitcoin ETFs, especially as it did for ARK Invest's application earlier this month. .
The analyst noted that the SEC should first address the lawsuit filed by Grayscale Investments, the largest digital asset manager, which objected to the institution's rejection of its Bitcoin ETF application in July last year.
Bloomberg Intelligence senior legal analyst Elliott Stein also stated that he thinks the SEC will await a court decision in Grayscale's case before making a final decision on other Bitcoin ETFs. The analyst estimates that Grayscale has a 70% chance of winning a decision that would overturn the SEC's rejection of the spot ETF.
*Not investment advice.
