The approval of a spot Bitcoin exchange-traded fund in the US appears to be nearing, with the Securities and Exchange Commission (SEC) directing ETF hopefuls to make final changes to their applications by Dec 29, 2023. Fox Business journalist Eleanor Terrett broke the news on X (formerly Twitter) on Monday.
The development comes on the heels of a meeting held last week between SEC officials and representatives of at least seven companies — including BlackRock, Grayscale Investments, ARK Investments, and 21Shares — that have filed proposals in the US for a spot Bitcoin ETF.
One of the key revelations that have emerged from the meeting is that the US markets regulator could green-light a spot Bitcoin ETF as early as January 2024. The SEC is currently evaluating a joint proposal from ARK and 21Shares and will likely make a final decision by Jan 10, 2024.
Speculation is rife that the SEC will approve a flurry of spot Bitcoin ETF applications during this window. Wall Street’s top cop has directed issuers to make final amendments to their applications by Dec. 29, warning that those failing to meet the Dec 29 deadline will not be considered in the first wave of potential approvals slated for early Jan 2024.
Top financial institutions have been making a beeline to launch a spot Bitcoin ETF. The long list includes big names such as BlackRock, Invesco, VanEck, Wisdomtree, Fidelity, and ARK Investments, among others.
The urgency of the Dec 29 deadline marks a crucial shift in the US SEC’s stance on Bitcoin ETFs. The agency has rejected multiple applications for a spot Bitcoin ETF in recent years, citing fraud and price manipulation concerns.
However, recent developments — such as the launch of Ether futures ETFs, and favorable court rulings for Grayscale and Ripple — have raised the odds of spot Bitcoin products getting regulatory approval in the US.
If the SEC were to give its blessing to a spot Bitcoin product, it would herald a new beginning for the crypto community. Newcomers still find the complexities of exchanges, crypto wallets, and private keys quite overwhelming. A Bitcoin ETF would give investors direct exposure to Bitcoin without actually having to hold the cryptocurrency.
The chatter in the crypto community is that should the SEC approve spot Bitcoin products, it will trigger a massive rally in Bitcoin prices, pushing the crypto market even higher. Last week, CoinGape reported that should Bitcoin ETFs get regulatory approval in the US, it would also boost retail investment.
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