Best Crypto to Buy Now August 30 – EOS, THORChain, Fantom
The U.S. Securities and Exchange Commission (SEC) is set to make initial rulings this week on several proposed Bitcoin exchange-traded funds (ETFs).
The regulatory body is set to either sanction, reject, or postpone verdicts on Bitcoin ETF submissions by leading financial firms such as BlackRock, Fidelity, and Bitwise.
With the anticipated macroeconomic development on the horizon, what are the best cryptos to buy now?
According to federal regulations, the SEC has 240 days to approve or reject proposed ETFs after they are published in the federal register.
The agency faces key 45, 90, and 60-day deadlines to submit filings on each ETF before the 240-day deadline.
A spot bitcoin ETF proposed by BlackRock, which manages over $9 trillion in assets, was published in the federal register on July 19.
This means the SEC must submit an initial filing by September 2, 45 days from the publication date.
Proposals by Fidelity, VanEck, Invesco, and WisdomTree face the same September 2 deadline.
Bitwise's spot Bitcoin ETF hit the register on July 18, giving the SEC a September 1st deadline for an initial filing. Meanwhile, Valkyrie's proposed Bitcoin ETF has a September 4th deadline.
While several firms await rulings, the SEC recently delayed a decision on an ETF proposed by Ark Invest and 21Shares.
The SEC said it needed more time and would open the proposal to public comments before deciding during the 240-day window. That sets a final deadline of January 10th for approval or rejection.
Industry observers say SEC approval of a spot Bitcoin ETF, if it comes, will likely happen in late 2023 or early 2024 despite impending initial deadlines.
Bitwise CEO Matt Hougan predicts approval in Q4 2023 or Q1 2024. The agency has previously rejected over a
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