There have been new developments regarding the highly anticipated Bitcoin ETF decision. Several companies are issuing ETF applications. This development strengthens the claims that approval will come from the US Securities and Exchange Commission (SEC). On the other hand, the FOX Business claim draws attention to the dates January 8-10. Here are the details…
Fidelity files securities application for Bitcoin ETF
Financial giant Fidelity, which manages an impressive $11.7 trillion in assets, has officially filed a securities registration application for a spot Bitcoin Exchange Traded Fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This development has added an additional layer of anticipation to the crypto market, which is already eagerly awaiting the approval of spot Bitcoin ETFs. Bloomberg analyst James Seyffart suggests that Fidelity’s strategic maneuver is designed to facilitate the rapid launch of spot Bitcoin ETF products following SEC approval.
Fidelity’s recent application for a spot Bitcoin ETF with the symbol FBTC has received approval from US-based exchange Cboe. Analysts suggest this move is a proactive step, positioning Fidelity to enter the market quickly once the SEC detects Bitcoin ETFs. The collaboration with Cboe, a respected player in the financial market, underscores Fidelity’s commitment to navigating the regulatory environment and creating a solid foundation for the anticipated ETF.
SEC is negotiating with exchanges
The SEC has reportedly initiated discussions with representatives of major exchanges, including the New York Stock Exchange, Nasdaq, and CBOE, regarding spot Bitcoin ETFs. These discussions are widely interpreted as an important step towards the approval of these investment products. In particular, the SEC has required exchanges to revise their 19b-4 practices, underscoring the need to obtain SEC approval before the actual creation of ETFs. This nuanced interaction with exchanges reflects the SEC’s rigorous regulatory approach and strengthens the market’s confidence in the upcoming decision.
FOX statements attracted attention
The allegations, reported by FOX Business, allege that the SEC recently held discussions with exchange officials regarding spot Bitcoin ETFs. Although details remain speculative, reported talks have raised expectations that approval is likely. Amid the confusion, analyst James Seyffart clarifies the issue by stating that the documents sent are primarily securities registrations. It signals that the path to ETF approval consists of multi-faceted regulatory milestones, highlighting the need for subsequent approvals, including the critical 19b-4 and an effective S-1 document.
As the January 10 deadline for SEC approval of spot Bitcoin ETFs approaches, confusion continues within the crypto community. Investors at decentralized prediction platform Polymarket are expressing optimism, setting an 88% confirmation probability by January 15, 2024. This significant increase from the 50% estimate just a month ago is due to reports implying that the SEC is on the verge of notifying the 14th. We will inform applicants about their spot Bitcoin ETF approval status. The growing optimism is not misplaced, as evidenced by the significant rise in Bitcoin’s value, up 55% since the beginning of October, in anticipation of the upcoming ETF approval and its potential positive impact.
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