The wait for approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. could come to an end this week finally, according to a report citing three people close to the matter. Spot Bitcoin ETFs could get regulatory approval from the U.S. SEC on Wednesday, with more than one fund preparing to launch trading on Thursday morning.
Spot Bitcoin ETF To Launch on Thursday?
The highly anticipated spot Bitcoin ETF approval is to come as soon as Wednesday, Axios reported on January 9. The report cited three people close to the matter revealing that conversations with the U.S. SEC confirmed Wednesday timeline. However, the decision still remains with the regulator.
Some spot Bitcoin ETF issuers’ S-1 filings are expected to be declared immediately by the SEC. It will clear the way for most spot Bitcoin ETFs to start trading as soon as Thursday morning, all three people agreed.
Experts have called on 19b-4 filings as the most important indication for spot Bitcoin ETF approval. The Securities and Exchange Commission would not have gone too far to ask the exchanges regarding 19b-4 amendments, permitting the trading of the funds.
Bitwise has the lowest fees of 0.24% until now, as per the recent S-1s by 10 spot Bitcoin ETF issuers. Ark 21Shares and VanEck coming next charging a fee of 0.25%. The final deadline for the SEC to approve or decline Ark 21Shares Bitcoin ETF (ARKB) is on Wednesday, January 10.
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Spot Bitcoin ETF Denial Caveat
More amendments to the spot Bitcoin ETF applications are now expected as the U.S. SEC issued additional comments on pending spot Bitcoin ETF applicants’ S-1 forms.
Chamber of Digital Commerce’s president Perianne Boring claims the SEC has more tools at its disposal to block spot bitcoin ETFs as Chair Gary Gensler doesn’t want to go down without a fight.
CoinGape reported a caveat on how a 5-member SEC Commission could potentially delay spot Bitcoin ETF approval. Each commissioners including Gary Gensler, Caroline Crenshaw, Hester Peirce, Jaime Lizárraga, and Mark Uyeda have the right under 17 C.F.R. Section 201.431 to request a review and full commission vote even if a matter is assigned and approved via delegated authority.
Also Read: Bitcoin Derivatives Traders Wager $20 Bln On SEC Green Light Bitcoin ETF
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