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Bitcoin ETF Approval Looms as SEC Meets with Exchanges! Meetings between a group of exchanges and the Securities and Exchange Commission (SEC) are raising hopes that the long-awaited spot bitcoin exchange-traded fund (ETF) approval may be near.
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According to sources at FOX Business, lawyers from the SEC’s Division of Trading and Markets are meeting with officials from major exchanges, such as the New York Stock Exchange, Nasdaq, and the Chicago Options Exchange, on Wednesday. These meetings, which are related to the ETFs that will trade on these exchanges, are seen as a positive sign.
According to the sources, which did not name the firms, the SEC is considering approving one or more of the twelve applications for the product that have been made by major money managers and crypto firms. In particular, it is said that the SEC has requested that the exchanges finalize the 19b-4 applications they submitted on behalf of the issuers, which are required for the ETFs to be sold to the public.
Although a final decision has not yet been made, sources who are closely following the process say that the SEC could notify issuers of their approval decisions on Friday, with trading starting the following week. ETF analysts and issuers believe that the SEC’s positive decision will be made by or on January 10, as the SEC continues to meet with key stakeholders on the matter.
Of course, the SEC could reject the applications. Several hours before FOX Business reported the meetings, Singapore-based crypto platform Matrixport said it expects the SEC to reject all spot bitcoin ETF applications due to the institution’s five-member commission, which is majority-Democrat, and Chair Gary Gensler’s reluctance to embrace crypto.
The price of bitcoin fell by more than 7% (Bitcoin ETF)
Following the report, the price of bitcoin fell by more than 7% on expectations that it would reach its near two-year high of $45,000. “In general, if the Commission makes an effective registration statement, that will be reflected in EDGAR,” an SEC spokesperson told FOX Business. “Any Commission 19b-4 decision will be posted on our website and then published in the Federal Register.”
If approved, retail investors could gain more exposure to the world’s largest cryptocurrency at a lower cost than the already approved bitcoin futures ETF.
Press officials from the NYSE, Nasdaq, and CBOE did not immediately comment.
If approved, retail investors could gain more exposure to the world’s largest cryptocurrency at a lower cost than the already approved bitcoin futures ETF.
Buying crypto through an ETF through highly regulated and trusted money management firms like BlackRock or Fidelity could encourage a wider investor audience to add crypto to their portfolios.