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The United States Securities and Exchange Commission (SEC) has reportedly asked all spot Bitcoin ETF applicants to submit their final S-1 amendment by Dec. 29 should they wish to be considered for the first wave of approvals. Fox Business Journalist Eleanor Terrett shared the update on the X app and noted that the SEC has confirmed that applications that are completed by this time might be considered in the first wave.
Alex DovbnyaOver the past few weeks, there have been a lot of amendment filings to spot Bitcoin ETF applications, as the likes of BlackRock, Fidelity Investments and Hashdex adjust their conditions based on conversations with SEC staff. The meetings between these applicants and the SEC have sent a different message to the market that the regulator might be ready to end its 10 years of saying no to the most anticipated crypto investment product.
BlackRock triggered the optimism that the approval of a spot Bitcoin ETF might be likely when it filed its application earlier in the year. The investment banking giant’s market influence and success rate when it comes to ETF applications ushered in the confidence that it might make a difference with its iShares Bitcoin Trust.
Bitcoin ETF approval catalyst
As it stands, the lawsuit between the U.S. SEC and Grayscale Investments comes as one of the major triggers driving the sentiment that the regulator might finally approve the product.
Vladislav SopovThe commission was instructed by the court to review Grayscale Investments’ application again, and as it did not file an appeal, many postulated that the SEC is tired of fighting and might be shifting its tactics.
Another obvious catalyst is the compromise on the part of potential Bitcoin ETF issuers with the redemption model for the BTC ETF. While many want an in-kind redemption model that will focus on Bitcoin, the SEC, according to Eleanor Terrett, wants the fiat-based Cash Creates, an option which, if not embraced, might lead to overall rejection.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov