The United States Securities and Exchange Commission (SEC) is making significant progress toward approving the long-awaited spot Bitcoin exchange-traded fund (ETF), as reported by FOX Business journalist Eleanor Terrett. This news appears as a promising sign for crypto market enthusiasts and investors.
Recently, meetings took place between SEC lawyers from the Division of Trading and Markets and representatives of major exchanges, including the New York Stock Exchange, Nasdaq and the Chicago Board Options Exchange. These platforms are the intended venues for trading these ETFs. The nature of these meetings is interpreted as a positive indication that the SEC is moving closer to approving some or all of the applications submitted by large money managers and cryptocurrency companies for product launch.
Meetings with major exchanges signal possible imminent approval
The SEC has asked exchanges to review and finalize so-called 19b-4 applications on behalf of applicants. These applications must receive approval from the SEC before ETFs can be made available to the public. The next focus date for approval of the Bitcoin Spot ETF, as indicated by Terrett, is Friday.
Sources close to the process reported that the SEC could begin notifying applicants of their approvals as early as Friday, and proceedings could begin next week. Analysts and ETF applicants are optimistic about a favorable SEC ruling on or before January, 10. Meanwhile, the SEC continues its discussions with key figures on the matter.
The potential approval of this ETF becomes a pivotal moment in the cryptocurrency sector, signaling growing acceptance and institutional interest in digital assets. This development could provide a regulated and familiar channel for asset managers and allocators to interact with the crypto asset class.
Therefore, the introduction of the Bitcoin Spot ETF by the SEC represents a significant milestone in the cryptocurrency market. This movement reflects the growing maturity of the market and the willingness of regulators to accept innovative crypto products. Thus, aligning with the interest and demand of investors.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.