The US Securities and Exchange Commission (SEC) is one step closer to approving applications for spot Bitcoin ETFs, according to Bloomberg analysts.
James SeyffaAccording to analysis by rt and Erich Balchunas, the dialogue between the SEC and fund managers is progressing positively:
“Ark and 21Shares’ recent amendment to their prospectus for the spot Bitcoin ETF, and the addition of at least five additional pages of text, indicates that they are engaging in constructive communication with the SEC, and this step would generally be taken if a fund if approval is near is thrown away.”
The SEC did not object to the court decision made in favor of Grayscale in August last Friday. Analysts also say that negotiations between Grayscale and the SEC “progress” waiting. While the SEC still has the opportunity to appeal to the Supreme Court, analysts see that as unlikely.
Bitcoin gained 7% in value after the court decision in favor of Grayscale in August. The SEC’s decision not to appeal did not leave a big impact on the market.