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SEC May Approve Four Bitcoin ETFs in Late October: Bloomberg

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Fri, 8/10/2021 - 12:53
SEC May Approve Four Bitcoin ETFs in Late October: Bloomberg
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A recent Bloomberg article reminds readers that the time is fast approaching when the U.S. Securities and Exchange Commission, helmed by Gary Gensler, needs to approve or reject a set of application filings for Bitcoin ETFs.

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However, these applications were filed in a format that may be favored by the SEC. Earlier this year, SEC chairman Gensler stated that applications for Bitcoin ETFs must be submitted under the Investment Company Act of 1940 in order to protect investors.

Several Bitcoin futures ETFs were submitted this way. Among them were filings from Invesco, VanEck and Mike Novogratz's Galaxy Digital.

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Bloomberg's ETF expert, James Seyffart, stated that he is pretty bullish that these ETFs will be approved. Senior strategists at Bloomberg, Eric Balchunas (ETFs) and Mike McGlone (commodities), are also positive that ETFs are likely to be approved in late October: dates for consideration are 10/18, 10/19, 10/25 and 11/1.

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Source: Bloomberg

The highest odds of approval, according to the Bloomberg article, are 50:1 for Galaxy Digital's ETF and 20:1 for VanEck's ETF.

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