SEC Decision on Spot Bitcoin ETFs Expected Wednesday
The Securities and Exchange Commission (SEC) is expected to make a decision on spot bitcoin exchange-traded funds (ETFs) on Wednesday. Despite a recent security breach on the SEC’s official Twitter account, industry experts believe that the agency will grant approval to the proposed ETFs. The breach involved an “unknown party” who posted that the SEC had approved spot bitcoin ETFs but was later clarified by SEC Chair Gary Gensler as an “unauthorized” post and that no decision had been issued.
Speculation Surrounds SEC Approval After Account Compromise
The recent compromise of the SEC’s Twitter account has raised speculations about the potential approval of spot bitcoin ETFs. However, industry experts, including Valkyrie’s co-founder Steven McClurg, remain optimistic that the SEC will grant approval. The security breach on the SEC’s Twitter account, although concerning, is unlikely to influence the agency’s decision-making process.
Exchanges File for Acceleration Requests to List Spot Bitcoin ETFs
Ahead of any formal approval from the SEC, the named exchanges have started filing acceleration requests to list the spot bitcoin ETFs. While these filings don’t guarantee approval, they indicate that the exchanges and issuers are eager to launch the funds as soon as possible. The acceleration requests are one of the last administrative proceedings required before the ETFs can be listed.
Acceleration Filings Show Exchanges Seeking Quick ETF Launch
The acceleration filings, which came slightly ahead of schedule, allow all prospective spot bitcoin ETF issuers to launch at the same time, putting them on the same timetable. Earlier this week, various exchanges, including Cboe, filed acceleration requests for multiple spot bitcoin ETFs. Cboe, the most popular choice for spot bitcoin ETF proposals, received filings from six issuers.
Fee Changes and Amended Filings Ahead of ETF Decision
In anticipation of the SEC’s decision, several firms have announced fee changes and filed amended S-1 filings. Ark and BlackRock, two of the firms vying for approval, have lowered their fees to attract investors. Other firms, such as Fidelity, WisdomTree, Valkyrie, and Bitwise, have also made fee adjustments. These fee changes demonstrate the competition among firms to offer the most attractive investment options in the emerging spot bitcoin ETF market. Hashdex, another firm seeking approval, is on a different path and looking to convert their bitcoin futures ETF into a spot bitcoin ETF.
Analyst comment
Positive news: The SEC is expected to approve spot bitcoin ETFs despite the recent security breach on their Twitter account. Industry experts remain optimistic about the approval.
Short analysis: The market is likely to experience increased demand and trading activity as the approval of spot bitcoin ETFs will make it easier for investors to access and invest in bitcoin.
