According to Reuters, the U.S. Securities and Exchange Commission (SEC) has set an important final deadline for companies that wish 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 Proposals
Decision Time: January’s ruling is imminent
Regulatory Approval Obstacles
Technical Adjustments and Preparations
According to Reuters, SEC officials recently met with representatives from over seven companies, including major participants like BlackRock, Grayscale Investments, ARK Investments, and 21 Shares, to discuss the final adjustments needed for their proposed Bitcoin spot ETFs. They have set December 29th as the deadline.
Reuters states that missing the final deadline would mean elimination and inability to participate in the approval race at the beginning of 2024.
All eyes in the financial industry are focused on January 10th, the day when the SEC will make a decision on the joint proposal from ARK and 21 Shares. This decision is not only about one proposal; it is expected to set the tone for several other pending proposals.
Before reaching this milestone, the SEC has been skeptical due to concerns of market manipulation and has rejected multiple applications for Bitcoin spot ETFs. However, until now, the only approval granted is for a Bitcoin futures ETF associated with the Chicago Mercantile Exchange.
This year has brought new changes, and the SEC appears to be ready to approve some of the 13 proposed Bitcoin spot ETFs.
To do so, companies like BlackRock and ARK have updated their ETF proposals, incorporating changes suggested by regulatory bodies, such as the cash creation/redemption mechanism.
As the final deadline approaches, the question on everyone’s mind is whether the SEC’s decision will open a new era for cryptocurrency investments. Time will tell, but one thing is certain—the financial industry is holding its breath.
BlackRock
ETF
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Further Reading
January Passage is Imperative? Bitcoin Spot ETF has become a “Key Priority” for BlackRock
Forbes 2024 Predictions: Improvements in Cryptocurrency Accounting Rules, USDT to be Delisted?