SEC Holds Meetings with Stock Exchanges in Anticipation of Potential Approval for Spot Bitcoin ETF
While the final decision is pending, insiders suggest the SEC might notify issuers of approval as early as Friday, with trading potentially commencing next week.
Because Bitcoin
January 4, 2024
A series of meetings between the Securities and Exchange Commission (SEC) and major stock exchanges, including the New York Stock Exchange, Nasdaq, and Chicago Board Options Exchange, is raising optimism for the imminent approval of a long-awaited spot Bitcoin ETF.
A recent FOX Business report reveals that SEC staff attorneys are meeting with exchange officials to discuss finalizing 19b-4 filings, a positive sign suggesting the SEC is nearing approval for the dozen applications submitted by major financial institutions and crypto firms.
While the final decision is pending, insiders suggest the SEC might notify issuers of approval as early as Friday, with trading potentially commencing next week. Analysts and issuers express confidence in a favorable decision on or before January 10, given ongoing discussions with key stakeholders.
However, the SEC could still deny the applications. Earlier on the same day, Matrixport, a Singapore-based crypto platform, released a research note predicting the SEC's rejection of all spot Bitcoin ETF applications, citing the Democratic majority on the agency's five-member commission and Chairman Gary Gensler's cautious stance on crypto.
If approved, a spot Bitcoin ETF would provide retail investors with more affordable exposure to the largest cryptocurrency, compared to the already approved Bitcoin futures ETF. The involvement of reputable money management firms like BlackRock or Fidelity could further encourage broader participation.
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