According to reports, the U.S. Securities and Exchange Commission (SEC) has set a deadline of December 29, 2023, for spot Bitcoin exchange-traded fund (ETF) applicants to submit final documents. The agency met with representatives from at least seven companies interested in gaining approval for a spot in Bitcoin ETF and asked at least two of them to submit final revisions by a deadline. The meeting also invited representatives from the Nasdaq and Chicago Board Options Exchange.
If approved, a spot Bitcoin ETF would be similar to company stock, listed on a stock exchange, and easily traded by retail investors through regular brokerage accounts without needing a dedicated cryptocurrency trading account. This is expected to provide retail investors with easier access to cryptocurrency investments, thereby driving market demand.
For years, the SEC has delayed or refused to approve a spot Bitcoin ETF. Currently, ARK and 21 Shares’ proposals are expected to be approved or rejected by January 10, 2024. Interestingly, cryptocurrency industry players are optimistic about regulators’ approval of a spot Bitcoin ETF.
While the specific type of modification requested has not yet been determined, earlier updates had addressed redemptions in the form of cash instead of non-monetary payments. Additionally, the SEC reportedly wants to clarify the names of authorized participants (APs) in the filing.
If approved, a spot Bitcoin ETF would be similar to company stock, listed on a stock exchange, and easily traded by retail investors through regular brokerage accounts without needing a dedicated cryptocurrency trading account. This is expected to provide retail investors with easier access to cryptocurrency investments, thereby driving market demand.
For years, the SEC has delayed or refused to approve a spot Bitcoin ETF. Currently, ARK and 21 Shares’ proposals are expected to be approved or rejected by January 10, 2024. Interestingly, cryptocurrency industry players are optimistic about regulators’ approval of a spot Bitcoin ETF.
While the specific type of modification requested has not yet been determined, earlier updates had addressed redemptions in the form of cash instead of non-monetary payments. Additionally, the SEC reportedly wants to clarify the names of authorized participants (APs) in the filing.
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