Former SEC chair Jay Clayton believes that the approval of spot Bitcoin exchange-traded funds (ETFs) is inevitable. On Aug. 31, the SEC designated a longer period in which it could review spot BTC ETF applications from major firms such as BlackRock, WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie and Fidelity. The commission has another 45 days upon publication of the notice in the Federal Register to approve, deny, or again delay the ETF applications.Clayton’s argument was echoed by U.S. Court of Appeals Circuit Judge Neomi Rao, who along with two other judges ordered the SEC to review asset manager Grayscale’s application to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Rao said that the SEC had already approved BTC futures ETFs and suggested Grayscale’s offering was “materially similar”.The ETF application delays came in quick succession on Aug. 31 before the Labor Day holiday weekend in the United States. The next deadline for major spot BTC applications under review falls on Oct. 7, when the commission is expected make an announcement about the offering from fund manager Global X.

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Information	Details
Geography	North America
Countries	🇺🇸 🇩🇪
Sentiment	neutral
Relevance Score	9
People	Jay Clayton, Neomi Rao
Companies	Bitwise, Global X., U.S. Court of Appeals Circuit, Valkyrie, SEC, WisdomTree, Fidelity, Invesco Galaxy, VanEck, BlackRock, Grayscale
Currencies	Ethereum, Euro, Bitcoin, US Dollar
Securities	None