In the recent news, we reported a possible hint that the SEC could approve the first line of ETF, but today, as per the latest update, the clouds of uncertainty are looming again on the horizon. The SEC’s recent issuance of additional comments on spot Bitcoin ETF applications has stirred the market, particularly since the crypto community was hopeful for an approval announcement before the deadline of January 10, 2024. This surprising move from the regulatory body comes amidst high expectations and speculation surrounding the approval of these ETFs.
Differing Interpretations of the SEC’s Actions
Perianne Boring, President and founder of the Chamber of Digital Commerce, perceives the SEC’s move as a signal of delay in the approval process. In contrast, Bloomberg analyst James Seyffart views these additional comments as part of the SEC’s prompt evaluation, suggesting that the agency’s swift handling of the form S-1s indicates a proactive approach rather than intentional delay tactics.
Deadline Pressure and Industry Expectations
The SEC faces a crucial deadline of January 10, 2024, to decide on the Ark 21Shares spot Bitcoin ETF filing. Several significant players, including Blackrock, Fidelity, Bitwise, Van Eck, and Valkyrie, have filed applications after the initial submissions.
Recent submissions of 19b-4s refilings from nine issuers indicate active efforts to meet the regulatory requirements for ETF approval. Interestingly, as of January 8, 2024, Blackrock’s iShares Bitcoin ETF refiling was notably absent, raising curiosity within the industry.
Analysts remain optimistic about a potential approval, suggesting that even if approvals are not immediate, amendments could be made post-approval. This begs whether the SEC will adhere to the January 10 deadline for approving the first-ever spot Bitcoin ETF in the United States.
The SEC’s communication strategy regarding Bitcoin ETFs has captivated attention, prompting scrutiny of the EDGAR database for potential clues. Speculations hint at possible confirmations hosted on EDGAR, while other directives may surface through the SEC’s website and the Federal Register.
Market Impact on BTC Price
Amidst these developments, the price of Bitcoin surged past $47,000 on January 8, 2024. This notable uptick hints at the market’s anticipation and positive sentiment, as traders and investors appear optimistic about the possibility of the SEC approving the Bitcoin ETFs, potentially opening new avenues for institutional investment.