U.S. spot bitcoin exchange-traded funds (ETFs) are poised to hit the market after the exchanges filed amended documents, signaling anticipation of approval from the U.S. Securities and Exchange Commission (SEC) in the coming days. Major players such as BlackRock, Grayscale, Fidelity, and several other issuers submitted amended 19b-4 filings, following up on last month’s amended S-1 filings, indicating responsiveness to feedback from the SEC. With more than a dozen applicants vying to launch the first spot bitcoin ETFs in the U.S., multiple issuers may receive simultaneous approval.
Bitcoin Spot ETFs: On The Verge Of U.S. Launch
According to reports from Bloomberg, SEC commissioners are expected to vote on the 19b-4 rule changes in the upcoming week. Additionally, Reuters disclosed that several bitcoin spot ETF issuers are optimistic about the final approval of S-1 filings by late Tuesday or Wednesday. Investment management firms, stock exchanges, and the SEC engaged in discussions on Friday, deliberating over the final wording changes on filings for spot bitcoin ETFs. Sources familiar with the matter revealed that this crucial step could pave the way for the unprecedented approval of the funds in the United States as early as next week.
Executives and representatives from five firms, who opted for anonymity due to the ongoing confidential talks, disclosed that issuers discussed the S-1 prospectus documents with SEC officials. Every exchange-traded fund (ETF) must submit these documents for approval, and multiple issuers expressed their anticipation of final approval by the end of Tuesday or Wednesday. However, an SEC spokesperson refrained from commenting on individual filings.
Insiders familiar with the filing process suggested that issuers meeting the end-of-year filing revision deadlines might receive approval to launch by January 10. This is the crucial date when the SEC must either approve or reject the Ark/21Shares ETF, positioned as the first in line for consideration. The SEC, seeking what three issuers described as “minor” changes, prompted some asset managers to amend their filings. Updates may include the disclosure of fees or identities of the market-makers for their ETFs. These revisions are expected to be submitted by 8 a.m. ET (1300 GMT) on Monday and may become public on the same day, according to sources familiar with the process.
However, the imminent approval of U.S. spot bitcoin ETFs could mark a pivotal moment for the broader adoption and integration of digital assets into traditional financial markets. The outcome of the SEC’s decision in the coming days may set the tone for the future regulatory landscape surrounding cryptocurrency investments in the United States.
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