Crypto News – The Securities and Exchange Commission (SEC) officials met with representatives from at least seven companies looking to introduce exchange-traded funds (ETFs) tied to spot Bitcoin (BTC crypto).
BTC Crypto News: SEC and 7 Bitcoin ETF Applicants Meet as Deadline Nears
The SEC directed at least two of the applicants to submit their final plan revisions by the end of next week, according to a Reuters article that was based on public memos and information from people familiar with the situation. ARK Investments, BlackRock, Grayscale Investments, and 21 Shares were among the prominent attendees in the sessions. Documents from the meeting reveal that in addition to attorneys representing the applications, there were representatives from exchanges like Nasdaq and Cboe where the new products may be traded.
The final modifications to their papers must be submitted by December 29th, according to executives from ARK and 21 Shares who participated in the negotiations and spoke with Reuters. The regulators stressed that any applicant who misses this deadline would not be considered for consideration in the first round of early January spot Bitcoin ETF licenses.
Some of 13 Spot Bitcoin ETFs May Get Approval
The SEC has denied several requests for spot Bitcoin ETFs over the years, citing worries about market manipulation in the cryptocurrency space. Only cryptocurrency ETFs connected to futures contracts for Bitcoin and Ethereum (ETH) that are traded on the Chicago Mercantile Exchange have been approved by the agency thus far. Regulators may, however, be becoming more inclined to allow some of the 13 proposed spot Bitcoin ETFs, according to recent developments.
The agency said it may approve in the first few working days of 2024, according to the two executives who attended the SEC discussions. In order to allow each proposed ETF to be launched in accordance with its approved launch date, regulators would notify issuers immediately of the “effective” date of their approval.
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