Fidelity’s Latest Move Boosts Hope for Spot Bitcoin ETF Approval

Fidelity has taken a significant step toward obtaining approval for a spot bitcoin exchange-traded fund (ETF) by submitting an updated proposal to the U.S. Securities and Exchange Commission (SEC).

This move aligns with similar efforts made by other applicants to address regulatory concerns hindering the approval of such an investment product. Notably, Bloomberg’s ETF analyst, James Seyffart, sees these actions as promising signs of communication and cooperation between potential spot Bitcoin ETF issuers and the SEC.

These amendments focus on crucial aspects like custodial arrangements, addressing hard forks, and acknowledging the energy-intensive nature of crypto mining. The SEC has previously expressed concerns about market manipulation, custody, and investor protection in the context of spot Bitcoin ETFs, but industry experts anticipate a decision from the Commission in the first quarter of the coming year, with recent developments offering optimism for their approval.

Clever Robot News Desk 20^th October 2023