The waiting game for the first spot-based Bitcoin ETF could last until 2025. Why the SEC might take the fight to the mat.
A crypto industry court victory in late August made it all but inevitable that a Bitcoin exchange-traded fund will eventually come to market. Where it gets complicated is how long that will take if the Securities and Exchange Commission decides to fight.
The SEC didn’t respond to a request for comment. On the day of the decision, the agency said it was reviewing the ruling to determine next steps. If the agency loses at that level or if the court declines to take the case, the agency can appeal to the Supreme Court. If that avenue is a dead end, the SEC could attempt to reject GBTC’s application or those of other would-be Bitcoin ETF issuers like BlackRock or Fidelity on different grounds, which would likely lead to more lawsuits.
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