Deadline Looms: Will SEC Approve Spot Bitcoin ETFs Amidst Growing Pressure?

The Pressure on the SEC to Approve Spot Bitcoin ETF Applications

The United States Securities and Exchange Commission (SEC) is facing pressure as the deadline for approving spot Bitcoin ETF applications approaches. The SEC has already accepted BlackRock’s refiled application, which has sparked speculation about potential approval.

Main Points:

Deadline Approaching: The SEC has a limited time to approve or reject BlackRock’s application for a spot Bitcoin ETF. The application will be published in the Federal Register, initiating a 21-day comment period.
Milestone for BlackRock: BlackRock, the world’s largest asset manager with over $9.4 trillion in assets under management, submitted its initial application in June. After the SEC’s rejection, BlackRock amended the application to address concerns.
Surge in Applications: BlackRock’s application has led to a rush of applications from other firms. If approved, investors will be able to invest in Bitcoin through traditional stock markets without holding the token.
Other Applications: The SEC has to decide on other applications for spot Bitcoin ETFs, including Bitwise’s Bitcoin ETP Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Strategy ETF, Invesco Galaxy Bitcoin ETF, and Fidelity’s Wise Origin Bitcoin Trust.
Europe’s ETF: While the US regulators are still considering approval, Europe is moving forward with its spot Bitcoin ETF, filed by Jacobi Asset Management. The ETF was initially set to debut in July 2022 but faced delays due to market conditions.

Hot Take: The Approval of Spot Bitcoin ETFs Nears

The SEC is facing increasing pressure to approve spot Bitcoin ETF applications. With BlackRock’s refiled application accepted and a surge in applications from other firms, the outlook for approval is optimistic. However, there is no guarantee of approval, and the SEC has a limited time frame to make a decision. Meanwhile, Europe is making progress with its own spot Bitcoin ETF, signaling the growing acceptance and interest in cryptocurrency investments.