SEC Sets Final Deadline for Bitcoin Spot ETF Application: 12/29
According to Reuters, the US Securities and Exchange Commission (SEC) has set an important final deadline for companies seeking to launch Bitcoin spot ETFs. This is significant for the cryptocurrency market as the SEC’s decision could usher in a new financial era.
Countdown begins: Completion of ETF proposal
Decision moment: January’s ruling is imminent
Regulatory approval obstacles
Technical adjustments and preparations
Reuters reports that SEC officials recently met with representatives from over seven companies, including major participants such as BlackRock, Grayscale Investments, ARK Investments, and 21 Shares, to discuss the final adjustments needed for their Bitcoin spot ETF proposals, and set December 29th as the deadline.
Reuters states that missing the final deadline means being eliminated and unable to participate in the approval race in early 2024.
The financial industry’s attention is focused on January 10th, when the SEC will make a decision on the joint proposal by ARK and 21 Shares. This decision not only concerns one proposal; it is expected to set the tone for several other pending proposals.
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Who will be the first to pass the Bitcoin spot ETF? Is the Ark overselling GBTC pessimistic about Grayscale?
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Before reaching this milestone, the SEC has actually maintained a skeptical attitude due to concerns about market manipulation, rejecting multiple Bitcoin spot ETF applications. However, up until now, the only one approved is the Bitcoin futures ETF associated with the Chicago Mercantile Exchange.
This year, however, has brought about new changes, and the SEC appears to be ready to approve some of the 13 proposed Bitcoin spot ETFs.
For this reason, companies like BlackRock and ARK have updated their ETF proposals, incorporating changes suggested by regulatory bodies, such as the cash mode.
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Illustration of ETF|SEC’s preferred cash mode for ETFs, how does it differ from the physical Bitcoin ETF by BlackRock?
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As the final deadline approaches, the question on everyone’s mind is whether the SEC’s decision will usher in a new era for cryptocurrency investments. Time will tell us the answer, but one thing is certain – the financial industry is holding its breath in anticipation.
BlackRock
ETF
SEC
Further reading:
January passage is imperative? Bitcoin spot ETF has become a “key priority” for BlackRock
Forbes 2024 prediction: Improvements in cryptocurrency accounting rules, will USDT be delisted?
