US SEC Meets With Firms About Bitcoin ETF

Last December 22, US SEC officials met with representatives of at least seven of the most promising companies that will launch Bitcoin ETFs in early 2024.

These companies include BlackRock, Grayscale Investments, ARK Investments and 21 Shares. In addition, the SEC has required the two companies to submit final changes in the Bitcoin ETF application and the deadline to submit it to the SEC is the end of 2024. According to information from the public memo and sources in the meeting, the SEC will have to decide whether to approve or reject the joint proposal of ARK and 21 Shares by January 10.

Issuers expect the SEC to have It is possible to approve several applications at the same time rather than waiting for the final deadline as announced in order. Executives from the two companies met with regulators and said the SEC had set a deadline for final updates to their filings of December 29. Regulators have emphasized that any public Companies that do not meet this deadline will not be on the list of first bitcoin spot ETF approvals in early January 2024. The December 29 deadline was first reported by Fox Business. Representatives of the exchanges on which the new product may trade, including Nasdaq and Cboe, as well as attorneys for the issuers, attended the meeting.
In recent years, the SEC has rejected multiple applications to launch spot bitcoin ETFs, citing the cryptocurrency market's vulnerability to manipulation. In recent months, however, there have been signs that regulators are ready to approve at least some of the 13 proposed bitcoin spot ETFs. Some say the catalyst was a federal appeals court decision in August that the SEC erred in rejecting Grayscale's proposal to convert the trust into an ETF. Issuers have made changes to the technical details of their ETF proposals in recent days.
According to experts, both BlackRock and ARK updated their filings earlier this week to allow redemptions of bright-cash ETFs, a change required by regulators. Any final changes are likely to include fee details. ARK and 21 Shares are the only issuers to disclose the fees they propose to charge for their common ETFs, at 0.80%.
The final update will also include information on how much money issuers plan to use to “seed” new ETFs. According to participants in the discussion, this may be a relatively small amount, but will increase significantly when the ETFs begin trading. These “seeds” provide the necessary capital for market makers to ensure that the initial market for new ETFs is highly liquid. Despite the positive signs, an SEC spokesperson said the agency does not comment on individual filings.
In the near future, we will wait to see if the SEC approves applications for spot bitcoin ETFs. This could create new opportunities and greatly impact the cryptocurrency market. Let's wait and follow the developments of this event in the near future. We will continue to update information as new news becomes available. Follow tradecoinfuture. com to update the fastest information about Bitcoin ETF