Bitcoin ETFs Scheduled to Commence Trading on Thursday Morning
The long-awaited day for the application of spot bitcoin exchange-traded funds (ETFs) is finally here. Tomorrow, on 10th January, the Judgement Day will take place, determining whether these ETFs will be approved or not. The decision, which is expected to be announced on Wednesday, could open the doors for multiple firms to start trading as early as Thursday morning.
The anticipation within the crypto community is growing as insiders suggest that the U.S. Securities and Exchange Commission (SEC) might finally give the green light to spot Bitcoin ETFs. If the SEC declares the S-1 filings of some ETF issuers as positive, it is believed that multiple issuers will enter the market by Thursday morning.
Experts have identified the 19b-4 filings as a crucial indicator of potential approval for spot Bitcoin ETFs. The SEC’s interaction with exchanges regarding the 19b-4 amendments, which allow fund trading, is seen as a positive sign for the ETFs.
In a recent interview on CNBC’s Squawk Box, former US SEC Chair, Jay Clayton, expressed his belief that Bitcoin ETF approval is inevitable and that there is no further decision to be made.
Furthermore, the SEC has a deadline on Wednesday, January 10, to either approve or reject the Ark 21Shares Bitcoin ETF. As the industry eagerly awaits SEC approval, the fee structures among spot Bitcoin ETF issuers are under scrutiny. Bitwise stands out with the lowest fees at 0.24%, followed closely by Ark 21Shares and VanEck with a fee of 0.25%.
However, despite these positive developments, it is anticipated that there will be additional amendments to the spot Bitcoin ETF applications. Perianne Boring, President of the Chamber of Digital Commerce, warns that the SEC, led by Chair Gary Gensler, may use various methods to delay the approval of spot Bitcoin ETFs.
A potential obstacle arises as a 5-member SEC Commission could introduce delays to the approval process. Even for matters delegated with authority, each commissioner, including Gary Gensler, Caroline Crenshaw, Hester Peirce, Jaime Lizarraga, and Mark Uyeda, has the right to request a comprehensive examination and commission vote.
As the crypto community awaits the SEC’s decision, the regulatory landscape surrounding spot Bitcoin ETFs remains dynamic. The industry’s outlook is defined by potential challenges and cautious optimism, with various stakeholders closely monitoring the developments.