SEC’s January 10 Deadline Sparks Speculation on Bitcoin ETF Approval

Reportedly, the U.S. Securities and Exchange Commission (SEC) is deliberating with several petitioners vying for authorization to establish exchange-traded funds (ETFs) that trade spot Bitcoin.

According to inside information disclosed by FOX Business correspondent Charles Gasparino, the SEC is conducting an uncommon joint conference call with potential Bitcoin ETF filers.

It has been reported that the SEC underscored the significance of a revenue creation model for the applicants during the conference call.

According to FOX correspondent Eleanor Terret, the SEC directed the applicants to remove any mentions of in-kind redemptions from their filings.

The objective of this strategic maneuver is to establish an unambiguous dedication to a cash-centric methodology.

Market analysts are careful about these developments and have speculated that the joint conference call may indicate an imminent SEC decision regarding spot Bitcoin ETF applications.

Significantly, January 10, 2024, has surfaced as a critical juncture, as industry insiders and sources indicate that regulatory approval of a Bitcoin ETF is almost certainly awaited by this time.

FOX Business has reported that sources with ties to multiple firms anticipate that ETF approval is probable by January 10.

This is consistent with the public’s awareness of the deadline associated with an Ark Invest application. Optimism regarding potential support is bolstered by the SEC’s proactive involvement with numerous applicants and the provision of filing updates, most notably concerning industry titan BlackRock.

A distinct development involves a legal ruling that affects Grayscale and mandates that the SEC review its ETF application without necessarily approving it. The market has been further buoyed by this decision, which may indicate a change in the SEC’s strategy.

Notwithstanding these encouraging signs, it is critical to emphasize that the SEC has not yet approved a spot Bitcoin ETF.

Although approvals are the prevailing expectation, the regulatory body retains the prerogative to deny any application; consequently, January may yield unforeseen results.

In conclusion, the impending Jan. 10 deadline and the SEC’s simultaneous conference call with Bitcoin ETF applicants have increased anticipation in the cryptocurrency community.

Market participants diligently await official announcements from the SEC as the cryptocurrency industry navigates the dynamic regulatory environment.