From Investing.com:



The U.S. Securities and Exchange Commission (SEC) has set a year-end deadline for final changes to applications for several proposed exchange-traded funds (ETFs) tied to spot Bitcoin. The SEC has indicated a potential green light for these ETFs early in 2024. This signals a significant shift from previous rejections of spot Bitcoin ETF applications and may be influenced by a recent federal appeals court decision favoring Grayscale’s ETF proposal.

The SEC’s openness to approving spot Bitcoin ETFs marks a turning point for the cryptocurrency market, which has long sought mainstream financial products linked directly to Bitcoin rather than derivatives like futures contracts. The upcoming decisions, slated for the first few days of 2024, are eagerly anticipated by the cryptocurrency community and financial markets at large. Executives from the firms, who spoke under anonymity, revealed that the SEC has set December 29 as the deadline for submitting final updates, ensuring inclusion in the initial approval wave of spot Bitcoin ETFs expected in early January.

The issuers have been making technical adjustments to their filings, including provisions for cash redemptions, a requirement put forth by the SEC. Details about fees and initial seeding capital for the ETFs are also expected in the final updates, with ARK and 21 Shares disclosing a proposed fee of 0.80% for their joint ETF. The initial seeding amounts are projected to be modest but are expected to grow as the ETFs begin trading, providing the necessary liquidity for market makers.



Read more: GPT U.S. SEC’s Deadline for Spot Bitcoin ETF Proposals Looms By Quiver Quantitative