Bitcoin ETF Expected to be Approved by the SEC
A law firm partner, Sam Enzer, predicts that the US Securities and Exchange Commission (SEC) will likely approve several applications for spot Bitcoin ETFs by January 10, 2024. Enzer believes that the approval is likely due to the SEC’s loss in a lawsuit against Grayscale’s GBTC spot ETF. The court ruled that the SEC’s denial of converting GBTC into an ETF was “arbitrary and capricious.” Enzer also notes that mainstream financial institutions like Blackrock and Fidelity have applied for ETFs, which demonstrates reliability and competence.
Significance of SEC Meetings during the Holiday Week
Enzer points out that holding meetings related to redemption models during a holiday week suggests that the SEC is serious about approving spot ETFs. Notably, Blackrock, Fidelity, Franklin Templeton, and Grayscale have all engaged in discussions with SEC officials. Additionally, Bloomberg Intelligence analyst Eric Balchunas reveals that ETF filers are finalizing agreements with authorized participants, a crucial step towards approval.
Hot Take: Bitcoin ETF Approval on the Horizon
The expected approval of spot Bitcoin ETFs by the SEC reflects a growing acceptance of cryptocurrencies within the mainstream financial industry. With reliable and competent entities applying for ETFs and ongoing discussions with SEC officials, it seems increasingly likely that investors will soon have access to regulated Bitcoin investment vehicles. This development could further legitimize cryptocurrencies and attract more institutional investors to the market.
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