The SEC Requests Final Changes from Firms Applying for Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) has reportedly instructed firms that have applied to create Bitcoin exchange-traded funds (ETFs) to make last-minute corrections before the start of 2024. The regulatory agency met with representatives of companies, including ARK Invest, BlackRock, Grayscale, and 21Shares, and informed them that they must submit final changes to their paperwork by the end of the year. Failure to meet the December 29th deadline will result in exclusion from the first round of potential approvals or denials. Executives from Nasdaq and the Chicago Board Options Exchange (CBOE), along with legal representatives for the ETF hopefuls, also attended the meetings.
Potential Approval of Spot Market BTC ETF Applications
According to two executives present at the meetings, the SEC could approve spot market BTC ETF applications in the first business days of next year. This development follows a federal judge’s ruling earlier this year that required the SEC to reconsider its rejection of Grayscale’s BTC ETF bid to maintain consistency and avoid arbitrariness. While the SEC had previously approved BTC futures ETFs, it was unable to justify in court why futures ETFs were approved while spot market ones were not.
Hot Take: SEC Sets Deadline for Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) is urging firms applying for Bitcoin exchange-traded funds (ETFs) to finalize their paperwork by the end of this year. The regulatory agency met with representatives from various companies, including ARK Invest and BlackRock, informing them that failure to meet the deadline will exclude them from initial approval consideration. Executives from traditional exchanges such as Nasdaq and CBOE were also present at these meetings. If all goes according to plan, the SEC may approve spot market BTC ETF applications early next year. This development comes after a federal judge ruled that the SEC must reassess its rejection of Grayscale’s BTC ETF bid to maintain consistency.
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