Spot Bitcoin ETF Applications Given Deadline for Changes
Companies that have applied to launch a spot Bitcoin (BTC) ETF were recently given a deadline to make any necessary changes to their pending applications. This deadline was until Monday morning, Jan. 8. The US Securities and Exchange Commission (SEC) has until Jan. 10 to take action on at least one of these applications.
According to sources familiar with the matter, the SEC will use the data provided by potential Bitcoin ETF issuers to make multiple decisions. In addition, the regulator plans to vote on 19b-4 filings from exchanges that intend to list ETFs in the coming days. The SEC may or may not take action on S-1 filings, which are registration applications from potential issuers, around the same time. If both sets of required approvals are granted, ETFs could start trading as early as the next business day.
The SEC previously delayed its decision on several Bitcoin funds until at least mid-October 2023. Then, in September 2023, the department further postponed the consideration of applications to January 2024.
Anticipation Builds for SEC’s Decision on Spot Bitcoin ETF
The cryptocurrency community is eagerly awaiting the SEC’s expected decision this week regarding a spot Bitcoin ETF. The regulator is set to rule on the ARK 21Shares spot Bitcoin ETF application on Jan. 10, with other asset managers like BlackRock also submitting their applications around the same time.
Hot Take: What Does This Mean for Crypto Investors?
The upcoming decision by the US Securities and Exchange Commission (SEC) regarding spot Bitcoin ETFs has created significant speculation among crypto investors. If approved, a spot Bitcoin ETF would provide investors with an accessible and regulated way to gain exposure to Bitcoin without directly owning the digital asset. This could potentially attract more institutional investors and further legitimize Bitcoin as an investment asset class. However, if the SEC decides against approving a spot Bitcoin ETF, it may cause short-term market volatility and disappointment among crypto enthusiasts. Ultimately, the SEC’s decision will have a significant impact on the future of Bitcoin and its acceptance in traditional financial markets.
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