BlackRock And SEC Meet To Discuss Spot Bitcoin ETF

Table of Contents

• BlackRock, Grayscale, Fidelity, Franklin Templeton Meet SEC
• 13 Firms Waiting For Approval 

Several financial giants seeking to get approval for the first-ever spot Bitcoin ETF met with the Securities and Exchange Commission for further discussions. 

The move is seen as an optimistic sign that the agency is preparing to make a decision regarding the spot Bitcoin ETF before the January 10th, 2024 deadline. 

BlackRock, Grayscale, Fidelity, Franklin Templeton Meet SEC

Several reports have claimed that four entities that have applied for a spot Bitcoin ETF approval met with the Securities and Exchange Commission regarding their respective applications in the space of a few days. ETF Analyst James Seyffart confirmed the developments, stating that BlackRock, the world’s largest asset manager, met with the Securities and Exchange Commission officials yesterday. This was BlackRock’s third meeting with SEC officials in as many weeks. The most recent meeting saw discussions on a proposed rule change to list the iShares Bitcoin Trust. 

Seyffart also confirmed that Fidelity and Franklin Templeton also met with regulators last week, while Grayscale Investments had their own meeting with the SEC the week prior. Seyffart noted in a post on X (formerly Twitter) that representatives from the SEC’s Division of Trading and Markets and the Division of Corporate Finance attended each of the meetings with the companies. The Division of Trading and Markets and the Division of Corporate Finance play a crucial role in approving or denying any proposed rule changes and registration statements related to new ETFs. 

“Nothing groundbreaking to report but 4 different issuers have met with the SEC regarding their #Bitcoin ETF filings in last few days. @BlackRock met with them yesterday for the third time in as many weeks. While @Grayscale, Franklin, and @Fidelity each had meetings last week.”

It remains to be seen if the Securities and Exchange Commission will invite the rest of the applicants for a meeting as the January 10th deadline inches closer. Reports have suggested that the SEC could give a decision in favor of approval between the 6th and 10th of January. 

13 Firms Waiting For Approval 

Analysts have predicted that the United States Securities and Exchange Commission could potentially approve multiple ETF applications at once to avoid giving first mover advantage to any single entity. The SEC is currently reviewing a growing list of applications from the likes of BlackRock, Fidelity, Grayscale, and several others. As a result, anticipation is building regarding the potential of an imminent approval from the regulatory body. 

The prospect of an approval for a spot Bitcoin ETF approval has already buoyed the mood in the markets, with the price of major cryptocurrencies on the upswing. The price of Bitcoin (BTC) recently surged past the $44,000 mark, helped by positive market sentiment regarding a spot Bitcoin ETF approval. The cryptocurrency is currently trading around the $41,200 mark. 

At present, 13 different firms are waiting for the Security and Exchange Commission’s ruling on their proposed Bitcoin ETFs. So far, the SEC has consistently delayed or rejected decisions regarding a spot Bitcoin ETF, citing several reasons. However, the recent spate of meetings between the SEC and the ETF applicants indicates that the agency could finally give the green light for a spot Bitcoin ETF in the US. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.