US Securities and Exchange Commission (SEC) has deferred its decision regarding Bitwise’s bid to include staking in its Ether ETF and Grayscale’s XRP ETF, which was expected by analysts.
SEC said On May 20, it was decided that Bitwise would need to be given an additional 45 days for its application. “consider the proposed rule change and the issues raised therein.” By May 22, the agency had to decide whether it would make a decision or not.
This agency is the same as delayed deciding Grayscale’s XRP is a cryptocurrency that was launched in 2014.XRPSolana’s Bitwise and ETF tracking (SOLTracking fund as it solicits public comment and begins “proceedings to allow for additional analysis” Ensure that the proposed proposals meet all regulatory standards.
James Seyffart is a Bloomberg ETF Analyst said On X, both delays are expected because SEC “typically takes the full time to respond to a 19b-4 filing.”
“Almost all of these filings have final due dates in October,” A quick decision will be beneficial. “out of the norm,” Seyffart has been added.
“No matter how Crypto-friendly this SEC is. There’s no conspiracy here,” He said.
Seyffart claimed delays were on the other spot crypto ETF Bids will also be expected and SEC may delay a decision regarding Litecoin.LTCInvest in ETFs.
But he was still able to do it added, “Litecoin is one that has a higher likelihood vs others of getting approved first.”
“A bunch of XRP ETPs have dates in [the] next few days. If we’re gonna see early approvals from the SEC on any of these assets, I wouldn’t expect to see them until late June or early July at the absolute earliest. More likely to be in early 4Q,” Seyffart said.
SEC deals with ETF flood
The SEC is approaching deadlines for several other crypto ETFs. Grayscale Polkadot should be the subject of a decision by SEC.DOT( tracking ETF) by June 11, and 21Shares Polkadot ETF June 24, according SEC filings
Related: SEC charges Unicoin crypto platform over alleged $100 million fraud
SEC has received an award for its work. raft of altcoin ETF filings In the aftermath of Donald Trump’s November election and the resignation of former President Barack Obama, SEC Chair Gary Gensler.
Gensler’s tenure at SEC was seen by the industry as an era of an aggressive regulatory stance toward cryptoIn his term, which lasted from 2021 through to 20 January 2019, he implemented 100 regulations related to cryptocurrency.
The SEC has become more cryptocurrency-friendly since Genlser left. Several firms that were facing lawsuits from the regulator have had their cases dismissed. crypto exchange Gemini On February 26th and Crypto Trading Firm Cumberland DRW on March 4.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
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Source: cointelegraph.com
