The month of October is poised to be an eventful one for the crypto industry, as several appeals and verdicts are scheduled to take place. These developments will play a crucial role in shaping the industry’s future, and crypto enthusiasts are eager to see what unfolds.
One significant event to watch out for is whether the Securities and Exchange Commission (SEC) will move the Grayscale case to the Supreme Court. On August 29, Grayscale, a crypto asset manager, scored a victory against the SEC after the regulator denied its application for a Bitcoin ETF. In response, Grayscale took the SEC to court, and the court ruled in favor of Grayscale, ordering the regulator to review the application once again. The SEC must decide by October 13 whether it will appeal the court’s decision to the Supreme Court. If the SEC appeals, it must do so through a “writ of certiorari,” which requests the apex court to review the case. Alternatively, the regulator can also ask for an “en banc,” wherein all the DC Court of Appeals judges review the case. The outcome of this decision will have a significant impact on the crypto community, especially considering the excitement surrounding Grayscale’s victory and the potential for a Spot Bitcoin ETF.
Another important factor to consider is the fate of various ETF applications, including those from BlackRock and other firms. The decision on most of these applications is scheduled for October 16 and 17. However, there are expectations that the SEC may once again postpone its decision, waiting to announce the verdict for the ARK 21Shares Bitcoin ETF next year. The date set for ARK’s application decision is January 10, 2024. Amidst this uncertainty, there is a glimmer of hope for the crypto community. It is anticipated that the SEC will approve the launch of pending Ethereum futures ETF applications, along with volatility shares. The verdict on this matter is expected on October 12. As a result, crypto enthusiasts are eagerly awaiting the outcomes and hoping for a promising future for the industry.
In conclusion, the crypto industry is eagerly awaiting the appeals and verdicts scheduled for October. The decisions made this month will shape the industry’s trajectory and have a direct impact on various aspects, including the potential for a Bitcoin ETF and the approval of Ethereum futures ETF applications. Crypto enthusiasts remain both anxious and excited, hoping for positive outcomes and a promising future for the industry.