SEC Decision on Spot Bitcoin ETFs Expected Tomorrow
The Securities and Exchange Commission (SEC) is set to make a decision on proposed spot bitcoin exchange-traded funds (ETFs) on Wednesday. If the commission approves the applications, trading could begin within 24 hours, according to Bloomberg Intelligence analyst James Seyffart. However, the approval is contingent on the SEC approving the stock exchanges’ proposals and deeming the issuers’ registration statements effective.
Potential Trading to Begin Within 24 Hours of Approval
Steven McClurg, the co-founder of Valkyrie, believes that the approval will come on Wednesday, with trading possibly starting on Thursday. McClurg’s prediction is in line with the sentiment of Jan Van Eck, the CEO of VanEck, who told CNBC that he expects the firm’s spot bitcoin ETF to start trading on Thursday. While the SEC has not provided formal indication of their decision, the issuers and analysts are confident that the approval is imminent.
Experts Predict Approval and Launch of Bitcoin ETFs
The consensus among experts is that the SEC will approve the spot bitcoin ETFs. Matthew Frankle, a partner at Haynes Boone, believes that the SEC is actively working towards meeting the deadline for the ETFs. McClurg has also picked up on “clues” that suggest the approval is imminent. He stated that the light comments received from the SEC indicate that another round of comments is not expected.
SEC Gives Clues but No Formal Indication on Approval
Although there has been no formal indication from the SEC, McClurg and other issuers have noticed subtle hints that suggest the approval is forthcoming. McClurg’s confidence stems from the recent amendments made by issuers, as well as the lack of substantial comments from the SEC. The SEC spokesperson remained tight-lipped on the matter, stating that they do not comment on individual filings.
All 11 Spot Bitcoin ETFs Could Potentially Be Approved
There is a possibility that all 11 spot bitcoin ETFs could be approved by the SEC. Seyffart, the Bloomberg Intelligence analyst, believes that there is a high chance of all the ETFs getting the green light. He points to the fact that the SEC is actively engaged in the process and is aiming to coordinate the launch of all ETFs on the same day. However, Hashdex is pursuing a different process by seeking to convert its bitcoin futures ETF to also hold BTC directly.
Conclusion
The decision on spot bitcoin ETFs by the SEC is eagerly anticipated. If approved, trading could commence within 24 hours. Experts and issuers are confident in the approval, with subtle clues suggesting that the SEC is ready to move forward. While it is uncertain whether all 11 spot bitcoin ETFs will be approved, indications point to a positive outcome. The ball is now in the SEC’s court to make the final decision and potentially launch the new wave of bitcoin ETFs.
Analyst comment
Positive news: The SEC is expected to make a decision on spot bitcoin ETFs, with potential trading starting within 24 hours if approved. Experts and issuers are confident in the approval, and there are subtle hints suggesting the SEC is ready to move forward. There is a high chance that all 11 ETFs could be approved.
