Spot Bitcoin ETF Filings Must Be Revised According To New Requirements By Dec 29

2 mins mins

Key Points:

SEC officials meet with firms like BlackRock and Grayscale aiming to launch spot Bitcoin ETFs in early 2024.
Two companies were instructed to submit final changes for spot Bitcoin ETF filings by December 29.
Companies update their spot Bitcoin ETF filings in anticipation of approvals.

In a pivotal week of discussions, U.S. Securities and Exchange Commission (SEC) officials engaged with representatives from seven companies aiming to launch spot Bitcoin exchange-traded funds (ETFs) in early 2024.\

SEC Consultations Propel Spot Bitcoin ETF Filings

Notable participants included BlackRock, Grayscale Investments, ARK Investments, and 21Shares. Public memos and insiders revealed that at least two companies were instructed to submit final changes by December 29, signaling a push for swift regulatory decisions.

Among the key players, ARK Investments and 21Shares await an SEC decision by January 10 on their joint proposal. Industry insiders anticipate a simultaneous approval of several applications shortly before this deadline.

According to Reuters, meeting attendees, which included Nasdaq and Cboe representatives, were informed that failure to meet the December 29 deadline would exclude issuers from the initial wave of spot Bitcoin ETF approvals in early January.

Historically, the SEC has rejected spot Bitcoin ETF applications, citing concerns about market manipulation. However, recent developments, including a federal appeals court decision in August favoring Grayscale’s proposed ETF conversion, have signaled a potential shift in regulatory stance.

Insiders, speaking on condition of anonymity, disclosed that the SEC hinted at granting approvals in the first business days of 2024. The agency would notify issuers directly about the effective date of their ETF launch request, allowing for a synchronized rollout.

In response to regulatory requests, BlackRock and ARK updated their spot Bitcoin ETF filings this week, accommodating cash redemptions. This proactive move aligns with a broader trend of issuers refining technical details in anticipation of potential spot Bitcoin ETF approvals.

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