The U.S. Securities and Exchange Commission is facing its first deadline to make a decision on seven new Bitcoin (BTC) spot ETF applications, the latest on Sept. Grayscale Investments.

Investment firm Bitwise will know on Sept. 1 whether its ETF will receive SEC approval, while BlackRock, VanEck, Fidelity, Invesco and Wisdomtree will all wait for the SEC’s decision on their funds by Sept. 2. according to Several SEC filings.

Meanwhile, Valkyrie is due to hear back from the SEC on Sept. 4.

List of recent bitcoin spot ETF applicant submission dates and deadlines.Source: Bloomberg

The U.S. Court of Appeals ruled on Aug. 29 that the SEC’s rejection of Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was “arbitrary and capricious” — but that doesn’t mean the SEC has to approve Grayscale There will be others to come, said Bloomberg ETF analyst James Seyffart.

In an interview with Bloomberg on August 29, Seyffart explained Grayscale’s “certainty” of victory increases the odds of success for the next wave of applicants.

He’s not sure when that day will come, though, since the SEC can delay a decision and has two proposed deadlines left for each fund before being forced to make a final decision 240 days after filing.

For waiting applicants, the SEC’s final deadline is mid-March of next year.

What options does the SEC have following the Grayscale decision?

Following today’s ruling in Grayscale’s favor, regulators have 90 days to make a decision document Appeal to the U.S. Supreme Court or apply for a full review—a full circuit court can overturn the verdict of a three-judge jury.

However, the SEC has not yet clarified its next steps.

If the SEC doesn’t appeal, the court will need to specify how to enforce its ruling, which could include directing the SEC to approve Grayscale’s application, or at least re-examine it.

related: Grayscale Wins with SEC Bitcoin ETF, BTC Price Jumps to Two-Week High

Either way, Seifat sees only two viable options for regulators.

The first is to admit defeat and approve Grayscale to convert its GBTC into a bitcoin spot ETF.

Alternatively, the SEC needs to delist the bitcoin futures ETF entirely, or deny Grayscale’s application based on new arguments, Seyffart said.

However, Bloomberg ETF analyst Eric Balchunas considered The possibility of the SEC canceling the bitcoin futures ETF is “highly unlikely” as the SEC reports that it is open to ethereum futures ETFs.

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