In a groundbreaking development for the cryptocurrency market, the United States Securities and Exchange Commission (SEC) recently announced major updates that promise to reshape the landscape of spot Bitcoin exchange-traded funds (ETFs) with the approval process scheduled for January 2024. Here are the latest developments expected regarding Bitcoin ETF approval…
Will there be a Bitcoin ETF approval move from the SEC?
The SEC announced that the first wave of potential spot Bitcoin ETF issuers will consist only of firms that successfully file final S-1 amendment forms by December 29, 2023. Emphasizing the importance of timely submissions, the SEC stated that any applicant who cannot meet this deadline will not be considered. This strategic move by the SEC creates an element of competition and urgency among potential ETF issuers as they try to meet stringent requirements and gain a coveted spot in the first wave of approvals.
An important development in the SEC’s approach includes its determined stance towards the elimination of the ‘in-kind’ creation model. The regulator has actively contacted applicants and urged them to remove ‘in kind’ directives from spot Bitcoin ETF brochures. Instead, companies are now obliged to comply with the “Cash” payment model. Leading the charge on compliance, BlackRock and Bitwise boldly filed their S-1 amendment forms on December 4, 2023. Notably, on December 8, VanEck joined the ranks by submitting its fifth S-1 amendment form. Other major players, including Grayscale, have demonstrated their commitment by introducing changes in or before November of this year and have taken a proactive approach to adapting to the evolving regulatory environment.
What do industry experts say?
Industry experts are closely monitoring the SEC’s stance on the Prime Execution Agent model and recognize its potential to require adjustments to the filings of major players like BlackRock. This move marks a significant shift towards a more proactive approach towards cryptocurrencies and marks a departure from the SEC’s traditionally conservative stance. The SEC’s Prime Execution Agent model and its relationship with other regulators are critical. Because it will point out the developing nature of the cryptocurrency market.
As the crypto market buzzes with excitement and anticipation, all eyes are on the SEC for further updates and potential approval of spot Bitcoin ETFs in the coming weeks. The evolving regulatory environment and proactive measures taken by key industry players are paving the way for a transformative era in the world of crypto assets. Stay tuned for more breaking news on this groundbreaking development as the SEC continues to shape the future of cryptocurrency with its regulatory initiatives.
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