SEC Sets Deadline For Final Changes To Spot Bitcoin ETF Filings

Table of Contents

• SEC Sets Deadline For Final Changes 
• Could We See An Approval In January? 

The United States Securities and Exchange Commission has asked for final changes to the spot Bitcoin ETF filings, setting the deadline as the 29th of December, 2023. 

Industry watchers are hopeful of a spot Bitcoin exchange-traded fund (ETF) approval in early January. 

SEC Sets Deadline For Final Changes 

The United States Securities and Exchange Commission (SEC) has reportedly set a deadline for final changes to the spot Bitcoin ETF applications pending before it. According to reports, officials from the SEC told the firms that they have until the 29th of December, 2023, to file any changes to their respective ETF proposals. Grayscale, BlackRock, and Ark Invest are among several firms that have applied for a spot in Bitcoin ETF and are hopeful of receiving approval in 2024. 

The Securities and Exchange Commission is expected to make its decision on the 10th of January, 2024, on which the SEC will have to either approve or deny the applications for the first-ever spot Bitcoin ETF. In the leadup to the January decision, the commission has held multiple meetings with representatives from BlackRock, Ark Invest and 21 Shares, Grayscale Investments, and several others over the past week. 

The latest meeting was held on the 22nd of December. According to sources, at least two firms were told to file any changes to their applications by the 29th of December. 

“According to Reuters, the U.S. SEC has set a deadline of the 29th of December for filing applications for a Bitcoin spot ETF. SEC officials met with representatives from at least seven companies hoping to launch a Bitcoin spot ETF, including representatives from BlackRock, Grayscale, ARK Investments, and 21 Shares.”

The Securities and Exchange Commission has also told applicants that those who fail to meet the deadline for the final changes will not be considered for the first wave of potential approvals for a spot Bitcoin ETF. 

Could We See An Approval In January? 

The Securities and Exchange Commission, in its most recent meeting with the applicants, had insisted on cash creation and redemption models for the spot Bitcoin ETF. BlackRock and Ark Invest/ 21 Shares have already filed changes to reflect the cash creation and redemption models. Any changes in the final filings could be related to items such as fees and seeds. 

While there are growing signs that the Securities and Exchange Commission could approve a spot Bitcoin ETF in January, the commission retains the authority to reject the proposals. The SEC has delayed its decision on multiple occasions, keeping the markets waiting on its decision. 

If the SEC approves the first spot Bitcoin ETF, we could see a significant rally in the price of Bitcoin, which is currently hovering just under the $42,500 mark.

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.