- Seyffart shared that in the past few days, four different issuers have met with the U.S. Securities and Exchange Commission (SEC) regarding their Bitcoin ETF applications.
- BlackRock met with the SEC for the third time in the last three weeks on December 11. Seyffart’s post mentioned the participation of both parties in these meetings.
- While these meetings could be a positive sign that approval for a Bitcoin ETF is on the horizon, it hasn’t had a positive impact on the price of Bitcoin (BTC).
Renowned ETF analyst Seyffart details the meetings between the SEC and investment firms: Are approvals approaching for Spot Bitcoin ETFs?
SEC Discusses Spot Bitcoin ETFs with Companies
Analyst James Seyffart, who follows ETFs and the crypto industry, shared in an article yesterday that in the past few days, four different issuers have met with the U.S. Securities and Exchange Commission (SEC) regarding their Bitcoin ETF applications. Grayscale, Franklin, and Fidelity had meetings with regulators last week.
Meanwhile, BlackRock met with the SEC for the third time in the last three weeks on December 11. Seyffart’s post mentioned the participation of both parties in these meetings. These interactions will ultimately determine whether Bitcoin ETFs will be approved.
SEC Chairman Gary Gensler outlined the roles these interactions would play in making decisions. The Division of Companies and Finance will ensure that investors have access to all necessary key information to make well-informed investment decisions. It will also provide guidance and interpretation of SEC rules.
The Trading & Markets Division is responsible for establishing and enforcing fair, orderly, and efficient standards. It regulates significant participants in the securities market, including broker-dealers, self-regulatory organizations, and transfer agents.
Bitcoin Price Unaffected
While these meetings could be a positive sign that approval for a Bitcoin ETF is on the horizon, it hasn’t had a positive impact on the price of Bitcoin (BTC). At the time of writing, data showed that BTC lost over 2% in the last 24 hours.
BTC’s 24-hour market cap also took a hit of over 22% during the past day, dropping to approximately $24.9 billion. The cryptocurrency’s market cap ultimately fell to $800.11 billion.
