From Quiver Quantitative:



The U.S. SEC has set a year-end deadline for final changes to applications for proposed exchange-traded funds (ETFs) tied to spot bitcoin, signaling a potential green light in early 2024. Representatives from major financial firms like BlackRock, Grayscale Investments, ARK Investments, and 21 Shares were involved in the meeting with the SEC. The SEC has indicated a potential green light for these ETFs early in 2024 after previously rejecting multiple spot bitcoin ETF applications due to concerns over market manipulation. The move comes after a recent federal appeals court decision favoring Grayscale’s ETF proposal.

The SEC’s new stance signals a significant shift, potentially influenced by the recent federal appeals court decision favoring Grayscale’s ETF proposal. The deadline for final updates is December 29, ensuring inclusion in the initial approval wave of spot bitcoin ETFs, expected in early January. Issuers have been making technical adjustments to their filings, including provisions for cash redemptions, details about fees, and initial seeding capital for the ETFs. ARK and 21 Shares have already disclosed a proposed fee of 0.80% for their joint ETF.

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 decisions, expected in the first few days of 2024, are eagerly anticipated by the cryptocurrency community and financial markets at large. Regulatory approval could mark a watershed moment for Bitcoin and the broader cryptocurrency ecosystem, with investors bracing for increased volatility and potential price swings in the Bitcoin market.



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