After years of filings and amendments, the Judgement Day on the application of spot bitcoin exchange-traded funds are going to be on 10th January, tomorrow. The decision, expected on Wednesday, could pave the way for several firms simultaneously to commence trading as early as Thursday morning.
Launch on The Horizon
Anticipation builds amidst the crypto community as insiders reveal that the U.S. Securities and Exchange Commission might finally approve spot Bitcoin ETFs as soon as Wednesday.
Anticipating the SEC’s positive declaration of some spot Bitcoin ETF issuers’ S-1 filings, it is believed that the stage is already set for multiple issuers to hit the market by Thursday morning.
Experts have identified 19b-4 filings as a crucial indicator of potential spot Bitcoin ETF approval. The SEC’s interaction with exchanges about 19b-4 amendments, allowing fund trading, is considered a positive sign for the ETFs.
Former US SEC Chair, Jay Clayton, in an interview a few hours back aired on CNBC’s Squawk Box, says “Bitcoin ETF approval is inevitable, there’s nothing left to decide.”
Moreover, the SEC faces a deadline on Wednesday, January 10, to approve or reject the Ark 21Shares Bitcoin ETF. As the industry eagerly awaits SEC approval, fee structures among spot Bitcoin ETF issuers are under scrutiny. Bitwise stands out with the lowest fees at 0.24%, while Ark 21Shares and VanEck closely follow with a fee of 0.25%.
Delay Expected in SEC’s Cautious Role
Despite positive developments, additional amendments to spot Bitcoin ETF applications are anticipated.
Perianne Boring, President of the Chamber of Digital Commerce, warns that the SEC, led by Chair Gary Gensler, may use a variety of methods to halt spot Bitcoin ETF approvals.
A potential caveat emerges as a 5-member SEC Commission could introduce delays to spot Bitcoin ETF approval. Even for things granted through delegated authority, each commissioner, including Gary Gensler, Caroline Crenshaw, Hester Peirce, Jaime Lizarraga, and Mark Uyeda, retains the right to request a comprehensive examination and commission vote.
As the crypto community awaits the SEC’s decision, the regulatory landscape around spot Bitcoin ETFs remains dynamic. Potential challenges and cautious optimism define the industry’s outlook, with various stakeholders closely monitoring developments.
