- The U.S. Securities and Exchange Commission (SEC) instructed applicants with hopes of ETF approval to make their final changes by December 29, 2023.
- An important piece of information that emerged from the meeting is that the U.S. market regulator could approve a spot Bitcoin ETF as early as January 2024.
- This hasty approach towards the December 29 deadline indicates a critical shift in the SEC’s stance on Bitcoin ETFs.
SEC adds to positive sentiment by pointing to a critical date for spot Bitcoin ETF applicants: Approval date could be even closer!
SEC Provides a Date for Spot Bitcoin ETFs
After months of uncertainty regarding the approval of a Bitcoin Spot ETF, the U.S. Securities and Exchange Commission (SEC) instructed hopeful ETF applicants to make their final changes by December 29, 2023. Fox Business journalist Eleanor Terrett announced this news on Monday through Twitter (formerly known as X).
This development follows a meeting last week between SEC officials and representatives from at least seven companies, including major players in the U.S. proposing spot Bitcoin ETFs such as BlackRock, Grayscale Investments, ARK Investments, and 21Shares.
An important piece of information that emerged from the meeting is that the U.S. market regulator could approve a spot Bitcoin ETF as early as January 2024. The SEC is currently reviewing a joint proposal made by ARK and 21Shares and is likely to make a final decision by January 10, 2024.
Speculations are circulating that the SEC may approve a series of spot Bitcoin ETF applications during this period. The leading regulator on Wall Street instructed applicants to make final changes to their applications by December 29 and warned that those missing this deadline may not be considered in the potential wave of approvals in early January 2024.
Major financial institutions are lining up to launch a spot Bitcoin ETF. This extensive list includes prominent names such as BlackRock, Invesco, VanEck, Wisdomtree, Fidelity, and ARK Investments.
Change in Regulatory Stance on Bitcoin ETFs
This hurried approach towards the December 29 deadline indicates a critical shift in the SEC’s stance on Bitcoin ETFs. In recent years, the institution had rejected several spot Bitcoin ETF applications, citing concerns about fraud and price manipulation. However, recent developments such as the launch of Ether futures ETFs and favorable court decisions for Grayscale and Ripple have increased the likelihood of regulatory approval for spot Bitcoin products in the U.S.
If the SEC approves a spot Bitcoin ETF, it will herald a new beginning for the crypto community. Newcomers still find the complexities of exchanges, crypto wallets, and private keys quite daunting. A spot Bitcoin ETF will provide investors with direct exposure to Bitcoin without actually holding the cryptocurrency.
Discussions in the crypto community suggest that if the SEC approves spot Bitcoin products, it will trigger a significant rally in Bitcoin prices and propel the crypto market even higher. Last week, COINOTAG reported that it would increase its retail investment in the U.S. if Bitcoin ETFs receive regulatory approval.
