SEC Commissioner Supports Spot Bitcoin ETF
The Securities and Exchange Commission (SEC) has been considering the approval of a spot Bitcoin exchange-traded product (ETF) for some time. The recent remarks by SEC Commissioner Hester Peirce indicate her support for such an ETF. She believes there is no reason to obstruct its creation and acknowledged that the court ruling regarding Grayscale Investment’s Bitcoin ETF application provided a push in the right direction.
SEC Currently Reviewing 12 Spot Bitcoin ETF Applications
The SEC is currently reviewing 12 spot Bitcoin ETF applications, including Grayscale’s. When asked about the approval process, Peirce stated that she couldn’t provide specific details but confirmed that all applications were being considered. It remains uncertain whether these applications will be approved simultaneously or if there will be a staggered approval process.
Potential Simultaneous Approval Expected
Cathie Woods from Ark Invest and Bloomberg analysts anticipate that multiple Bitcoin ETFs will receive simultaneous approval from the SEC. However, earlier this month, the SEC missed an opportunity to approve all outstanding applications at once and has since extended the decision deadlines.
Several Regulated Companies Awaiting Approval
There are currently 14 regulated companies waiting for SEC approval to launch their spot Bitcoin ETFs. Some of these companies include BlackRock, Grayscale Investments, Invesco with Galaxy Digital, 21Shares with Ark Invest, Bitwise, VanEck, Wisdomtree, Fidelity, Valkyrie, Global X ETFs, and Hashdex with Franklin Templeton.
Hot Take: Positive Outlook for Spot Bitcoin ETF
The recent statements by SEC Commissioner Hester Peirce indicate a positive outlook for the approval of a spot Bitcoin ETF. Her support, along with the ongoing review of multiple applications, suggests that the SEC may be moving closer to granting approval. If multiple Bitcoin ETFs are approved simultaneously, it could have a significant impact on the cryptocurrency market and further mainstream adoption of Bitcoin.
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