There has been a lot of anticipation among the crypto community about the first spot Bitcoin exchange-traded fund (ETF) to be approved by the U.S. Securities and Exchange Commission (SEC). There are several applications under review for Bitcoin spot exchange-traded funds (ETFs), but none have yet been approved by the SEC.
Crypto Rover, one of the prominent cryptocurrency influencers, recently tweeted regarding the approaching second deadline for comments on the multiple Bitcoin ETF applications filed by eight firms: BlackRock, Bitwise, Wisdom Tree, Invesco Galaxy Fidelity Hashdex VanEck Valkyrie, and VanEck.
According to Crypto Rover’s tweet which included an image revealing deadlines between October 7th to October 19th of 2023; it is claimed that SEC Chairman Gary Gensler will eventually be compelled to approve more than one of these applications stating:
Gary Gensler will eventually have to approve Spot Bitcoin ETFs.
However, concerns over market manipulation, fraud, custody, and investor protection have made the SEC hesitant to approve a spot Bitcoin ETF. The regulator possesses the right to delay its decision on any application for an ETF for up to 240 days after the application has been filed, if it wishes to do so.
The SEC’s Stance On Bitcoin ETFs
Despite the imminent deadlines, the U.S. regulator has already postponed the pending Bitcoin ETF applications. Specifically, all initial September deadlines have passed without any approval or rejection from the SEC. However, influential figures in the financial industry argue that it’s not a matter of “if” but “when” a spot Bitcoin ETF will be approved.
Galaxy CEO Mike Novogratz recently stated that he expects the first ETF to emerge within four to six months. Novogratz also highlighted intense competition among BlackRock, Invesco, and Galaxy once approval is granted, as they vie for significant market share. The impending battle highlights the high stakes and potential impact on investments.
Although no spot Bitcoin ETF has been greenlighted by the SEC yet, there is growing optimism that approval is on the horizon. As we approach the second deadline for public comments on multiple pending applications, all eyes are on the SEC during this crucial moment in cryptocurrency regulation.
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