US SEC Met Spot Bitcoin ETF Seekers 24 Times So Far; Approval Imminent?

Representatives from investment manager Blackrock have held a meeting with the U.S. Securities and Exchange Commission (SEC) yet again on Tuesday, December 20, 2023, in what could be one of the last steps the Commission would take before the potential approval of the spot Bitcoin ETF filings before the January 10, 2024 deadline.

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Blackrock Meets US SEC Yet Again

According to reports, the Blackrock representatives met with the agency officials regarding its iShares Bitcoin Trust approval. This meeting makes it the firm’s third such meeting in a span of just a week, ahead of the much anticipated deadline window of January 8-10, 2024, when the US SEC is expected to give its nod for the first ever spot Bitcoin ETF in the United States.

Considering the stature and financial prowess Blackrock enjoys in the mainstream financial world, it appears that the US SEC is more likely to be in the direction of approval. However, analysts are warning about the likelihood of yet another delay in decision making before January 10.

Approval Unlikely Before January 10?

James Seyffart, a Bloomberg Intelligence analyst, said the frequent meetings between US SEC and Blackrock does not impact the timeline for possible decision making before the deadline. Seyffart has been arguing that the agency could most likely give approval to either all the filers at once or at least in a few batches, so that a single company would not gain the first mover advantage. He said,

“Doesn’t change dates in my/our view. Still watching that January 8-10 window. (Yes technically some filers could be approved before that — just don’t think its likely)”

MicroStrategy founder Michael Saylor, however is confident of the spot ETF approval in January and a subsequent demand shock for Bitcoin. He said the approval could be the biggest market event in the last 30 years. Meanwhile, Mike Alfred, an entrepreneur, predicted a 98.7% chance of Bitcoin ETF approval before January 10. It remains to be seen if the Bitcoin (BTC) price shows increased volatility in the lead up to the deadline.

Mike Novogratz Confident Of ETF Approval

Galaxy Digital chief executive officer Mike Novogratz believes that the ETF approval would be given before January 10. Speaking to CNBC, he said the trading of Bitcoin ETFs could be launched around 6-8 weeks after the US SEC approval.

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