The Securities and Exchange Commission (SEC) headed by Gary Gensler will soon have to rule on the Bitcoin spot ETF application filed by Ark Invest & 21Shares, with a deadline set for January 10. Less than a month before the start of the next bull run ?
The SEC will soon have to rule on the various Bitcoin spot ETFs
Less than a month before the start of the bull run? Gary Gensler’s Securities and Exchange Commission (SEC) will very soon have to rule on the spot Bitcoin ETF application filed by Ark Invest & 21Shares, which has a final deadline of January 10, and all signals are in green for an approval to indeed take place.
At present, there are 2 indications that the SEC may be in favor of a Bitcoin spot ETF. Firstly, the regulator has stepped up the pace of its meetings with entities that have filed applications for spot BTC ETFs, such as Grayscale and BlackRock, which have already met with the regulator 3 times behind closed doors.
Then Gary Gensler, whose hostility to the crypto sector is well known, recently had to admit in an interview with CNBC that he had no choice but to re-evaluate Bitcoin spot ETF applications, particularly following Grayscale’s legal victory against the SEC.
We’ve been able to verify over the last few months just how attached the crypto community now is to the narrative surrounding spot Bitcoin ETFs. Whether you’re for or against seeing large quantities of BTC pass into the hands of institutional investors, one thing’s for sure: the hypothetical arrival of spot BTC ETFs should mean the arrival of billions of dollars on the market.
Bull run approaching?
As of this writing, 13 entities have filed Bitcoin spot ETF applications with the U.S. SEC.
Jan Van Eck, CEO of VanEck, one of the largest asset managers in the U.S. with an ETF application under review, recently stated that it was likely that the regulator would approve a series of applications at the same time so as not to favor one company over another.
The arrival of giants BlackRock, Invesco and Fidelity in the race for spot Bitcoin ETFs marked a real turning point with regard to possible SEC approval. BlackRock, for example, holds the impressive record of 575 ETFs approved for a single refused
” Previous periods have been considered the era of Bitcoin’s institutionalization. However, none has remotely resembled the changes of 2023.”
Vetle Lunde, analyst at K33
Although the future is impossible to predict, should Bitcoin cash ETFs be accepted next January, the market will benefit a few months later from the boost usually provoked by halving, the quadrennial event aimed at halving the Bitcoin rewards paid to miners.