Will the Approval of Bitcoin ETFs Be Delayed?
The US Securities and Exchange Commission (SEC) has responded swiftly to updated S-1 filings for spot Bitcoin ETFs just hours after their submission. This has sparked a debate within the crypto community about potential delays in the approval timeline for Bitcoin ETFs.
Perianne Boring, founder and CEO of the Chamber of Digital Commerce, expressed concern over the SEC’s actions, suggesting it could signal a delay. However, James Seyffart, an ETF expert for Bloomberg, provided a more nuanced perspective, stating that the swift response from the SEC does not necessarily indicate a delay. He believes that more amendments will be made tomorrow.
Fox Business journalist Eleanor Terrett also reported a general sentiment of confidence among involved parties, indicating that they are not worried and believe this is just part of the process before the January 10th deadline.
S-1s Do Not Need to Be Complete
Scott Johnsson, a finance lawyer at Davis Polk, pointed out the unusual speed of the SEC’s response and mentioned that S-1s do not need to be complete when 19b-4s are approved. He believes that these quick comments demonstrate the SEC’s effort to push everything forward for quick approval and launch.
Further investigation reveals that the comments addressed minor details in the amended S-1 forms rather than significant changes, suggesting that they should not affect the approval timeline. Prominent issuers such as BlackRock, Fidelity, Bitwise, Ark, and Grayscale had already announced their expected fees in earlier filings on Monday.
While a delay is possible, it seems unlikely at this stage as SEC officials continue to engage in dialogues with potential ETF issuers.
Hot Take: Bitcoin Price and Technical Analysis
At the time of writing, BTC is trading at $46,835, breaking out of the uptrend channel established in mid-October and currently undergoing a retest. If successful, the next target could be the 0.618 Fibonacci retracement level at $48,700.
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