SEC’s Remarks on Bitcoin ETF Applications Indicate Potential Delays – Anticipating Possible Outcomes
In recent news, we previously discussed the potential approval of the first line of ETF by the SEC. However, in the latest update, uncertainty has once again cast a shadow over the situation. The SEC’s release of additional comments on spot Bitcoin ETF applications has caused a stir in the market, especially since the crypto community was hopeful for an approval announcement before the looming January 10, 2024 deadline. This unexpected move by the regulatory body has created high expectations and speculation about the approval of these ETFs.
Different interpretations have emerged regarding the SEC’s actions. Perianne Boring, President, and founder of the Chamber of Digital Commerce, sees the SEC’s move as a signal of a delay in the approval process. On the other hand, Bloomberg analyst James Seyffart views these additional comments as part of the SEC’s prompt evaluation, suggesting that the agency’s quick handling of the form S-1s demonstrates a proactive approach rather than intentional delay tactics.
The SEC is under pressure to make a decision on the Ark 21Shares spot Bitcoin ETF filing by the crucial deadline of January 10, 2024. Several major players, including Blackrock, Fidelity, Bitwise, Van Eck, and Valkyrie, have filed applications following the initial submissions.
Recent submissions of 19b-4s refilings from nine issuers indicate active efforts to meet the regulatory requirements for ETF approval. Interestingly, as of January 8, 2024, Blackrock’s iShares Bitcoin ETF refiling was notably absent, raising curiosity within the industry.
Analysts remain optimistic about the potential approval, suggesting that even if approvals are not granted immediately, amendments could be made post-approval. This raises the question of whether the SEC will adhere to the January 10 deadline for approving the first-ever spot Bitcoin ETF in the United States.
The SEC’s communication strategy regarding Bitcoin ETFs has garnered attention, leading to scrutiny of the EDGAR database for potential clues. Speculations suggest that possible confirmations may be hosted on EDGAR, while other directives may surface through the SEC’s website and the Federal Register.
In the midst of these developments, the price of Bitcoin surged past $47,000 on January 8, 2024. This significant increase indicates the market’s anticipation and positive sentiment, as traders and investors remain optimistic about the possibility of the SEC approving the Bitcoin ETFs, which could potentially open new avenues for institutional investment.
Tags: Bitcoin ETF