The approval of spot Bitcoin ETFs by the SEC is expected to happen by Nov. 17, but the launch of these products may be delayed by at least a month after approval due to the two-step process involved in launching an ETF. The process requires approval from the SEC’s Trading and Markets division on the 19b-4 filing and the Corporate Finance division on the S-1 filing or prospectus. Several issuers have already communicated with the Corporate Finance division, indicating progress in the approval process. Additionally, BlackRock has filed a 19b-4 form for an Ethereum ETF, signaling its intention to expand beyond Bitcoin.
In other news, U.S. Representatives have introduced the CLARITY Act of 2023, which aims to prohibit federal government officials from conducting business with Chinese blockchain companies and engaging in transactions with Tether’s parent company. Forty-seven countries have pledged to implement the Crypto-Asset Reporting Framework into their domestic law systems, enabling the exchange of crypto tax data by 2027. The European Banking Authority has proposed new guidelines for stablecoin issuers, including minimum capital and liquidity requirements, as well as a liquidity stress test to ensure sufficient backing and liquidity for stablecoins.
Summary:
– The SEC could approve spot Bitcoin ETFs by Nov. 17, but the launch may be delayed by at least a month.
– The two-step process of launching an ETF requires approval from the SEC’s Trading and Markets division and Corporate Finance division.
– BlackRock has filed a form for an Ethereum ETF, indicating its intention to expand beyond Bitcoin.
– The CLARITY Act of 2023 aims to prohibit U.S. officials from engaging with Chinese blockchain companies and Tether’s parent company.
– Forty-seven countries have pledged to implement the Crypto-Asset Reporting Framework for exchanging crypto tax data by 2027.
– The European Banking Authority has proposed guidelines for stablecoin issuers, including minimum capital and liquidity requirements and a liquidity stress test.
