Is the US Securities and Exchange Commission (SEC) about to approve the first wave of Bitcoin ETFs? Yes, according to a new deadline that has been communicated to applicants. Here’s an update on what we know so far.
SEC confirms requirements for Bitcoin spot ETFs
According to a recent Reuters report, the U.S. Securities and Exchange Commission (SEC) has asked Bitcoin ETF applicants to finalize their filings by December 29. This means that participants now have four days to amend their applications, in order for it to be admissible by the US financial regulator.
Two notable conditions have been raised by the SEC in recent weeks. Firstly, the ETF models selected must offer cash payments, and not “non-cash” payments such as Bitcoin. On the other, Bitcoin ETF providers must explicitly list the participants who are authorized to use the investment vehicle.
It’s this last point that could cause the most problems: applicants didn’t have such a list on December 22, so they had to make this change with some urgency.
The first wave of Bitcoin ETFs is on the horizon
According to journalist Eleanor Terrett, who reported the new deadline, the SEC has confirmed that the “first wave” of Bitcoin ETFs will be arriving shortly, for those who manage to finalize their applications:
Confirming the date for final amendments to all S-1s by Friday the 29th. The @SECGov has told issuers that applications that are fully finished and filed by Friday will be considered in the first wave. Anyone who is not will not be considered. In addition, the filings cannot… https://t.co/syyINu1BEI
– Eleanor Terrett (@EleanorTerrett) December 24, 2023
“The SEC has confirmed to issuers that applications that are fully completed by Friday will be considered for the first wave. “
So the date approaches for what some consider Wall Street’s biggest news in 30 years. Several analysts believe that the SEC will approve this first series of ETFs by January 10. Triggering a real bull run? That’s the hope of a large part of the Bitcoin community.
The price of BTC has been on an uptrend in recent weeks. It has gained +125% over the year, topping the $42,700 mark this morning. Hopes are therefore high that Bitcoin spot ETFs will be approved in the next few days
