While experts report that spot Bitcoin exchange-traded fund (ETF) is likely to be approved by the US Securities and Exchange Commission (SEC) cryptocurrency The market is buzzing with anticipation.
In the midst of this excitement bitcoin, It has experienced a rally in the past month, with its value increasing by almost 40%.
ETC Group CEO Tim Bevan believes that the SEC will take time to make decisions due to its investigations. It expects the regulator to decide simultaneously on the large number of applications it is currently reviewing. “So we think we could see approval in January at the earliest,” Bevan said.
Vivian Fang, a finance professor at Indiana University, agreed, noting that the timing and nature of any decision is ultimately up to the SEC. He personally believes that a decision could be made this year, a view that appears to be reflected in recent crypto price movements.
Bloomberg Intelligence analysts had also suggested that there was a significant chance that approvals could start coming in early January. They stated that there is a deadline of November 17 for a potential approval. “Even if approvals do not come this month, we believe there is a 90% chance of approval by January 10,” Bloomberg’s James Seyffart and Eric Balchunas said.
Nathan Geraci, president of consulting firm The ETF Store, suggested the SEC could take advantage of this short window. “Issuing 19b-4 approval orders during this period will help the SEC continue its path toward mass action to launch all existing spot Bitcoin ETF applications simultaneously,” Geraci said.
The first approvals, if they come, will likely be for 19b-4 filings, which are rule changes that allow spot Bitcoin ETFs to be listed and traded on exchanges.
*This is not investment advice.
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