Paper Trail Prolongs Decision on Spot Bitcoin ETFs by the SEC
Heightened anticipation surrounds the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), propelling the price of bitcoin above $45,000.
Analyst James Seyffart from Bloomberg has shed light on the SEC’s evaluation of 11 spot bitcoin ETFs, predicting that most pending applications will see resolution in the upcoming week, with approval orders expected between January 8-10. Despite widespread expectations for a swift decision, insiders suggest that the SEC, immersed in a significant amount of paperwork, is hinting at a more probable announcement towards the end of the week.
In this context, sources from BlackRock have indicated a communication void from the SEC, while Fox Business reporters, citing Eleanor Terrett’s sources, assert that the SEC’s extensive paperwork review process aligns more with a potential announcement towards the week’s conclusion. The looming deadline for a spot bitcoin ETF decision is January 10, notably for proposals by industry players such as Cathie Wood’s Ark Invest and 21shares. Market observers widely anticipate the SEC’s approval of multiple spot bitcoin ETFs either on or before this crucial date. The ongoing speculation underscores the cryptocurrency market’s keen interest and the potential impact of the SEC’s decision on the broader financial landscape.
Clever Robot News Desk 3rd January 2024
Related Article
