The U.S. Securities and Exchange Commission plans to reveal its determinations regarding two Bitcoin exchange-traded funds (ETFs) by November 17, as reported by Bloomberg Intelligence.
The Hashdex Bitcoin ETF (DEFI) and the Franklin Bitcoin ETF are both awaiting a preliminary decision set for November 17, 2023, with a follow-up decision due by January 1, 2024. It’s worth noting that while these dates signify the ultimate decision deadlines, the SEC could potentially disclose its findings before these specified dates.
Trading for the Hashdex Bitcoin ETF commenced in September 2022. Notably, unlike ETFs backed by derivatives, DEFI took a different regulatory route, being filed under the Securities Act of 1933 instead of the Investment Company Act of 1940. Despite SEC Chair Gary Gensler expressing a preference for the Act of 1940 due to its stronger investor protections, the potential approval of DEFI could pave the way for progress in similar cases.
Nate Geraci, President of The ETF Store, sees the launch of the Hashdex Bitcoin ETF as supportive of a spot Bitcoin ETF, given its use of the same fund structure. However, Geraci maintains that approval for a spot product is unlikely until the SEC gains regulatory oversight of crypto exchanges.
Furthermore, there’s an indication that another Bitcoin ETF, whose application was refiled by Global X with Coinbase as a “surveillance-sharing” partner, is poised to receive its decision by November 21.
