GPT U.S. SEC's Deadline for Spot Bitcoin ETF Proposals Looms
Quiver Quantitative — The U.S. Securities and Exchange Commission (SEC) has reportedly set a year-end deadline for final changes to applications for several proposed exchange-traded funds (ETFs) tied to spot bitcoin. In a pivotal meeting with representatives from major financial firms like BlackRock (NYSE:BLK), Grayscale Investments, ARK Investments, and 21 Shares, the SEC has indicated a potential green light for these ETFs early in 2024. This move comes after years of hesitation, with the SEC previously rejecting multiple spot bitcoin ETF applications due to concerns over market manipulation.
The SEC’s new stance signals a significant shift, likely influenced by a recent federal appeals court decision favoring Grayscale's ETF proposal. Executives from the firms involved, who spoke under anonymity, revealed that the SEC has set December 29 as the deadline for submitting final updates. This deadline ensures inclusion in the initial approval wave of spot bitcoin ETFs, expected in early January. The meeting also involved representatives from Nasdaq (QQQ)and Cboe, where the new ETF products might be listed.
Market Overview: -U.S. SEC cracks open door for potential approval of spot Bitcoin ETFs in early 2024. -Firms like BlackRock, Grayscale, ARK race to meet Dec. 29 deadline for final amendments. -Green light could trigger a wave of Bitcoin ETF debuts, reshaping the cryptocurrency landscape.
Key Points: -Back-and-forth between SEC and issuers heats up ahead of Jan. 10 decision on ARK-21 Shares joint proposal. -Regulators set Dec. 29 as deadline for final changes, potentially paving the way for first-wave approvals. -Technical tweaks and fee disclosures become focus as issuers scramble to secure regulatory green light.
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