The deadline for the US Securities and Exchange Commission (SEC) to issue a response on the Bitcoin ETF applications on the table is May 30, 2024.
Bloomberg analyst James Seyffart, who covers the fund and ETF industry in general, shared on his social media a list of Bitcoin ETF applications awaiting SEC approval in the United States.
The list reflects key dates on which the US securities regulator could issue a decision on the approval of any or all of the Bitcoin ETF applications in question, a development that would represent a major victory for the cryptocurrency and would reinforce its acceptance and recognition as a new class of borderless digital asset.
According to the list shared by Seyffart, with the Bitcoin ETFs that have been applied for so far, SEC deadline to issue a response in this regard is the May 30th of next year.
However, as many are hoping, a Bitcoin ETF could land on the US market much sooner. And as early as Friday, November 17th, the SEC may respond to Bitcoin exchange-traded fund applications filed by Hashdex and Franklin Templeton, as shown in the list below.
Source: X – @JSeyff
However, despite the possibility that the SEC will rule on the Bitcoin ETF this month, Most fund industry analysts point to January, as the date when the cryptocurrency will likely reach this milestone and when the doors of Bitcoin will open to billions of dollars of the US market.
What are the chances of the SEC approving a Bitcoin spot ETF?
In late August, Eric Balchunas, senior ETF analyst at Bloomberg, mentioned that the chances of the SEC approving a spot Bitcoin ETF this year are 75%, while for next year, increase to 95%.
According to Balchunas, the SEC has been left with “very little” room to maneuver after the ruling issued by the Court of Appeals in the Grayscale case, where Judge Neomi Rao rejected all the arguments that the regulator had used to reject the conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot ETF.
Separately, in a tweet late last month, Seyffart claimed that even if the SEC manages to reject all of the Bitcoin ETF applications that have been filed so far, may not deny one of them.
According to the analyst, Hashdex’s presentation fits all the arguments the regulator has put forward in the past. “I don’t think they can deny it,” he stressed.
How many Bitcoin ETF applications are on the table?
The SEC is tasked with reviewing and evaluating multiple Bitcoin ETF applications that have been submitted by large fund managers to date. The exact number of these applications is 11, and as Seyffart noted, this number increases when considering Grayscale’s application to the regulator to convert its Grayscale Bitcoin Trust (GBTC) into a spot ETF for the cryptocurrency.
Therefore, to date, There are 12 applications to launch a Bitcoin spot exchange-traded fund, which are under review by the SEC. These include BlackRock, Fidelity, Ark Invest, Bitwise, VanEck, Wisdomtree, Valkyrie, Invesco, Wise, Hashdex, Franklin Templeton and Grayscale.
Gary Gensler, the current chairman of the SEC, maintains a stance against the possible launch of a Bitcoin spot ETF, which extends to cryptocurrencies in general. However, giants such as JP Morgan and BlackRock maintain that the approval of this Bitcoin-based investment vehicle is a matter of when and not if, assuming that it will be approved at some point.
Former SEC Chairman Jay Clayton also believes that the approval of a Bitcoin ETF is “inevitable.”
Yesterday, the SEC held a closed-door meeting with the securities regulator's commissioners and secretaries to discuss a Bitcoin spot ETF.
Confidence in the potential approval of a Bitcoin spot investment vehicle has driven the cryptocurrency to new highs this 2023, at $35.900 yesterday.
Continue reading: SEC meets today to discuss approval of Bitcoin Spot ETF
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