In a significant development in the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) has begun a crucial process by publishing notices of updates to filings related to spot Bitcoin ETFs. This step, taken on January 8, marks an inflection point in the SEC’s approach to cryptoassets.
The updates, filed on the SEC’s national securities exchange page at 10:45 p.m. UTC, detail changes to eight 19b-4 filings. These modifications are vital as they outline proposed changes to the rules governing Bitcoin ETFs.
After the updates, the price of bitcoin jumped to test the US$47,250 zone with almost a 7% increase on the day. At the time of publication, the price of BTC was in correction and was quoted at US$46,500 with an increase of 6% in the last 24 hours. BTC is rising steadily and could stay above $48,000. Any further gains could open the door for a push towards the $50,000 resistance zone in the near term.
SEC updates 8 Bitcoin ETF registrations
Among the exchanges that submitted the change proposals, Cboe BZX stands out, with the intention of listing and trading ETFs from renowned companies such as WisdomTree, VanEck, Ark Invest, Franklin Templeton, Fidelity and Invesco Galaxy. Additionally, NASDAQ has proposed the listing of Valkyrie’s Bitcoin ETF, while NYSE Arca plans the same for Hashdex’s ETF.
This scenario reflects growing interest and diversification in the field of spot Bitcoin ETFs, with around a dozen candidates seeking approval. These latest changes address pressing issues such as the size of relevant markets, surveillance sharing agreements and strategies to prevent market manipulation.
Interestingly, each change notice submitted to the SEC was made on January 5th, with approval expectations circulating around January 10th, as suggested by previous reports.
In addition to the changes to the 19b-4 filings, there was the arrival of amended S-1 registration statements on January 8. Notably, BlackRock’s update highlighted the absence of immediate in-kind creations and redemptions, a maneuver that would have allowed ETF transactions with Bitcoin instead of cash.
BlackRock’s statement highlights: “The timing of in-kind regulatory approval is unknown and there is no guarantee that NASDAQ will receive…approval at any time in the future. If NASDAQ receives In-Kind Regulatory Approval and if the Sponsor elects to permit in-kind creations and redemptions, the Trust will notify the owners of the beneficial interests in the Shares…”.
These registration statements also include new information such as fee details and initial financing. While the latest changes don’t change the structure of each order significantly, they add crucial details.
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