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US SEC to Decide on Two Spot Bitcoin ETFs by Nov. 17

Hongji Feng
Last updated: | 1 min read
Bitcoin ETF
Source: Pixabay / tombark

The U.S. Securities and Exchange Commission is scheduled to announce its decisions on two Bitcoin exchange-traded funds (ETFs) by Nov.17, according to Bloomberg Intelligence.

The two ETFs, Hashdex Bitcoin ETF (DEFI) and Franklin Bitcoin ETF, both have a first decision deadline on Nov. 17, 2023, and a second decision deadline on Jan. 1, 2024. As the dates listed represent the final dates of decision, the SEC may release the results prior to the deadlines.

The Hashdex Bitcoin ETF began trading in Sep. 2022. Unlike derivatives-backed ETFs, DEFI was filed under the Securities Act of 1933 instead of the Investment Company Act of 1940. While the SEC Chair Gary Gensler has expressed its preference for Act of 1940 for its greater investor protections, the potential approval of DEFI could advance the progress of similar cases.

According to Nate Geraci, president of The ETF Store, the launch of the Hashdex Bitcoin ETF “bolsters the case for a spot Bitcoin ETF since it’s utilizing the exact same fund structure.” Geraci still believed that “a spot product simply won’t be approved until the SEC has regulatory oversight of crypto exchanges.”

It is also indicated that another Bitcoin ETF, the application refiled by Global X with Coinbase as “surveillance-sharing” partner, will receive its decision by Nov. 21.