Bloomberg Analyst Predicts SEC Approval of Bitcoin ETFs
A Bloomberg analyst suggests that the U.S. Securities and Exchange Commission (SEC) is preparing to approve all spot market Bitcoin exchange-traded fund (ETF) applications. James Seyffart, in a Twitter thread, explains that the SEC’s early ruling on Franklin’s bid for a BTC ETF could indicate a forthcoming approval of other applications in January.
Seyffart notes that Franklin was not due for a decision until January 1 and did not submit an updated registration of asset-backed security (Form S-1). This move by the SEC to rule early on Franklin and potentially Hashdex as well may set the stage for a wave of approvals in early January.
However, the SEC delayed its ruling on Hashdex’s bid, leading Seyffart to speculate that the regulatory agency aims to approve all BTC ETF applications simultaneously.
Potential Challenges and Uncertainties
Seyffart acknowledges that there may be obstacles in the process, such as filing issues or the possibility of the SEC denying the bids. He highlights that these rulings only pertain to new derivative security product filings and that prospectuses are still awaiting approval. Therefore, even if approved, immediate launch may not occur.
Hot Take: SEC May Approve Bitcoin ETF Applications in January
According to Bloomberg analyst James Seyffart, the SEC’s early ruling on Franklin’s bid for a Bitcoin ETF suggests that the regulatory agency is preparing to approve all spot market BTC ETF applications in January. This potential approval could pave the way for a series of ETF launches in early 2024. However, there are still uncertainties surrounding the filing process and the possibility of denied bids. Nonetheless, this development signals a significant step forward for institutional adoption of Bitcoin.
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