SEC Comments on Bitcoin ETF Applications Hint at Possible Delays – Here’s What to Anticipate
In recent news, it was reported that there might be a potential indication that the Securities and Exchange Commission (SEC) could approve the first line of Bitcoin exchange-traded funds (ETFs). However, the latest update suggests that uncertainty looms on the horizon. The SEC’s recent issuance of additional comments on spot Bitcoin ETF applications has caused a stir in the market, especially since the crypto community was hoping for an approval announcement before the approaching January 10, 2024, deadline. This unexpected move from the regulatory body comes amidst high expectations and speculations surrounding the approval of these ETFs.
There are differing interpretations of the SEC’s actions. Perianne Boring, the 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 swift handling of the form S-1s indicates a proactive approach rather than intentional delay tactics.
The SEC faces a crucial deadline of January 10, 2024, for making a decision on the Ark 21Shares spot Bitcoin ETF filing. Following the initial submissions, several major players including Blackrock, Fidelity, Bitwise, Van Eck, and Valkyrie have filed applications. The recent submissions of 19b-4s refilings from nine issuers demonstrate active efforts to meet the regulatory requirements for ETF approval. Interestingly, as of January 8, 2024, Blackrock’s iShares Bitcoin ETF refiling was noticeably absent, which has raised curiosity within the industry.
Analysts remain optimistic about the potential approval, suggesting that even if approvals are not immediate, 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 approach regarding communication on Bitcoin ETFs has garnered attention, leading to scrutiny of the EDGAR database for potential clues. Speculations hint at possible confirmations 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 notable increase suggests the market’s anticipation and positive sentiment, as traders and investors appear hopeful about the potential approval of Bitcoin ETFs, which could potentially open new avenues for institutional investment.