SEC Issues Additional Comments on Spot Bitcoin ETF Applications
The United States Securities and Exchange Commission (SEC) has surprised the market by issuing additional comments on pending applicants’ form S-1s for spot Bitcoin ETF applications. This unexpected move has raised questions about whether it indicates a delay or swift action.
Delay or Swift Action?
Perianne Boring, the President and founder of the Chamber of Digital Commerce, believes that this development is a signal of delay from the SEC. However, Bloomberg analyst James Seyffart disagrees and suggests that the issuance of additional comments does not necessarily mean a delay. Seyffart points out that the SEC’s quick turnaround in providing comments shows their efficiency in handling these applications.
“Really this just shows how quickly the SEC is turning these things around. If they wanted to delay – the issuers wouldn’t have gotten comments back tonight.”
The SEC officials have until January 10, 2024, to make a decision on the approval or rejection of the Ark 21Shares spot Bitcoin ETF filing. Other major players like Blackrock, Fidelity, Bitwise, Van Eck, and Valkyrie have also submitted their applications.
What’s Next?
Nine issuers have recently submitted refiles for their 19b-4s paperwork requirements. However, as of January 8, 2024, Blackrock’s refile for its iShares Bitcoin ETF filing was still missing. Analysts speculate that despite this, the approval is imminent and there may be time for amendments later. The question remains: Will the US SEC officials meet the January 10 deadline for approving the first-ever spot Bitcoin ETF in the country?
Hot Take: SEC Raises Concerns on Spot Bitcoin ETF Applications
The recent issuance of additional comments by the SEC on spot Bitcoin ETF applications has sparked speculation about a potential delay. While some believe it is a sign of efficiency and swift action, others interpret it as a signal for postponement. With the January 10 deadline approaching, the fate of the Ark 21Shares filing and other major applications hangs in the balance. As investors eagerly await the SEC’s decision, all eyes are on whether the agency will stick to the deadline and approve the first-ever spot Bitcoin ETF in the United States.
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