SEC Discussion With Bitcoin ETF Applicants Advances Further

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The United States SEC’s discussions with potential spot Bitcoin ETF issuers are reaching advanced levels where they are beginning to take note of certain key technical details. BlackRock and Grayscale have reportedly had meetings with SEC’s Trading and Markets division to discuss some crucial matters that had to do with their spot Bitcoin ETF filings.

Specifically, their chats have centered around the potential redemption model for the ETF, custody arrangements, and investor risk disclosures. No greenlight has been given to any of the applicants so far, but the magnitude of the conversations in which the agency’s Trading and Markets division has been involved suggests that the product approval is well underway.

Bitcoin ETF Application Influx 

Within the last six months, more than a dozen Bitcoin spot ETF filings have been submitted to the United States SEC. BlackRock applied for a spot in Bitcoin ETF with the regulatory agency in June. The move triggered other investment asset management firms including WisdomTree and Valkyrie to throw in a similar filing. 

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In the weeks that followed BlackRock’s Bitcoin ETF application, the number of applicants kept growing. 

SEC Postponed Decision on Multiple Bitcoin ETF Applications

Markedly, BlackRock is notorious for its stainless reputation and market status with almost $10 trillion in assets under Management (AUM). Considering this notoriety, many crypto enthusiasts were positive that the SEC would approve the applications

Much to the dismay of members of the crypto community, the regulator postponed its decision on all the applications, although it was done at different times. The deadline was October 17 but before the said date, SEC announced a further delay. In view of this action, the new window was placed on January 10, 2024, for ARK 21Shares which is the first based on the submission timeline.

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Crypto Community Awaits Bitcoin ETF Approval 

The broad crypto community is optimistic that the decision will be approved. Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the probability of getting a spot BTC ETF approval from the regulator to 90%. 

As the year draws to a close, the anticipation and optimism amongst the crypto community as well as with traditional finance investors is building significantly.

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