SkyBridge Capital Founder Optimistic on Spot Bitcoin ETF Approval

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Following some new developments, SkyBridge Capital founder Anthony Scaramucci has revealed a timeline for a spot Bitcoin ETF approval from the United States Securities and Exchange Commission (SEC). Scaramucci noted that if he is asked whether the SEC will approve the numerous spot BTC ETF applications on January 10, 2024, he would outrightly say yes. 

He thinks that it makes a lot of sense to have the approval on the said date while also adding that it is the most likely outcome. 

Spot Bitcoin ETF Applicants Amend Filings

After several delays from the agency, the crypto industry expects a decision to be made by January 10, 2024. Top investment asset management firms like BlackRock, Fidelity, VanEck, ARK 21Shares, Bitwise, and Valkyrie expect a response from the regulator by the beginning of next year. 

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Most of these applicants have made several amendments to their filings at the request of the SEC. Grayscale updated its Bitcoin ETF filing to reflect the feedback and concerns raised by the SEC. WisdomTree also submitted an amended version of its Bitcoin ETF filing. 

Mass Approval Expected From the SEC

At the same time, some other applicants have their ETF filing deadline before the said date and the crypto community is positive that these applications will set the ball rolling for an influx of spot Bitcoin ETF approvals. The SEC recently delayed its decision on Franklin Templeton and Hashdex’s Bitcoin ETF applications. Consequently, it is seeking feedback from the public on whether to approve or disapprove the filing.

Ultimately, a massive influx of spot BTC ETF approval is expected as experts still maintain their optimistic outlook on the matter. Also, there is this belief that the SEC would try to avoid giving any of the spot BTC ETF applicants the satisfaction of “first-mover advantage”, hence the regulator is likely to adopt a mass approval of the many filings. 

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SEC Meets With Bitcoin ETF Applicants 

The SEC has been meeting with crypto exchanges and a few of the spot BTC ETF applicants to discuss certain amendments to their filings. Last month, some officials from the SEC’s Trading and Markets division met with Grayscale. Their discussions were centered around potential listing matters of Grayscale’s BTC ETF. BlackRock reportedly had a meeting with the same division.

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