Fox Business reporter Eleanor Terrett has poured cold water on speculations of an imminent decision on the much-anticipated approval of Bitcoin spot exchange-traded funds (ETFs). Terrett remarked that the U.S. Securities and Exchange Commission (SEC) is unlikely to greenlight a Bitcoin spot ETF early this week, citing the need for thorough reviews of the recently filed S-1 forms. However, an official announcement may still be on the horizon, possibly by the end of the week.
The frenzy surrounding the potential approval of the first-ever U.S. spot Bitcoin ETFs reached a fever pitch as major asset managers, including BlackRock, VanEck, Valkyrie, Bitwise, Invesco, Fidelity, WisdomTree, and the joint venture between Ark Invest and 21Shares, revised their filings with the SEC. The market is enthusiastic, and stakeholders eagerly await the regulatory green light.
Bitcoin ETF and SEC: Navigating Approval Timelines
Speculation had been rife that the SEC could make a decision on the approval of spot Bitcoin ETFs on either Tuesday or Wednesday. However, Terrett, in an X post, expressed skepticism, stating, “While the SEC is surely unpredictable, it would surprise me if approvals were to happen tomorrow.” She revealed insights from her conversations with issuers, emphasizing that the SEC still needs to review all the changes made to the S-1 forms filed on Thursday and Friday before making comments.
Terrett drew parallels with the approval timeline for Ethereum futures in October, pointing out that the SEC is likely to communicate a final date for filing Form S-1 after this round of review. If history is any indication, the agency could make the approval effective within 24-48 hours, mirroring the timeline for Ethereum futures.
Despite the tight schedule, Terrett acknowledged that the next two weeks would be exciting for the crypto community. Market participants are on edge as they await a pivotal moment in Bitcoin’s history, with the first deadline for the proposed spot Bitcoin ETF by Ark Invest and 21Shares set for January 10. The revised filings by multiple asset management firms indicate a collective push for regulatory approval, and many anticipate the SEC approving several spot Bitcoin ETFs by the looming deadline.
However, the industry is poised for potential developments in the coming days as the SEC staff returned to work after the weekend. Whether the approval arrives this week or is postponed, the first half of January promises to be an unprecedented chapter in Bitcoin’s journey, with the prospect of the United States welcoming its inaugural spot price exchange-traded fund.
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