The current situation indicates that the race for spot Bitcoin ETF approval might soon be coming to an end as 11 applicants have updated their 19b-4 amendments again. Analysts throughout the crypto market predict that the SEC’s decision regarding Spot ETF approval might come as early as Monday next week.
- Bitcoin ETF applicants update their filings, signifying an incoming end to the approval race.
- The SEC might announce its decision as early as Monday next week.
- Financial advisers continue to remain uncertain, as only 39% believe approval will come this year.
The SEC previously instructed numerous exchanges and applicants to submit their final amendments by Friday for their spot Bitcoin ETF applications. The filings are indeed in the final stages of the SEC approval process, but the S1 documents need to be completed so the US exchanges can begin listing shares of investment securities with direct exposure to crypto.
ETF Applications Mirror the SEC’s Requirements
BlackRock’s iShares coupled with the Valkyrie Bitcoin Fund, were among the first entities to submit their amended filings. Not too long after this, additional filers associated with NYSE and CBOE also took the initiative of submitting their 19b-4 amendments.
Bitwise, Grayscale, and Hashdex, all associated with the NYSE, completed their submissions next. CBOE filers, including Invesco Galaxy, VanEck, Fidelity, etc., submitted their documents ahead of the deadline.
Many analysts suggest that these filings do not guarantee approval, but they highlight a considerable advancement in the overall process. The recent consultation of the SEC with applicants has highlighted that the agency has no feedback to share. This suggests a possible alignment of requirements before approval.
Financial Advisers Divided Over ETF Approval
It is a fact that financial advisers throughout the US are not confident that the SEC will approve the offering. Current statistics show that only 39% of financial advisers in the country believe that spot Bitcoin ETF applications will be approved this year.
The survey conducted by Bitwise highlighted how financial advisers in the US were asked several questions. The participants ranged from registered investment advisers, financial planners, and institutional investors, along with wirehouse representatives.
When these participants were asked to select a time period based on their expectation of the ETF approval, 39% of them answered 2024. Other participants had contrasting views.
Better Markets CEO Claims Bitcoin ETF Approval Would Be a Historic Failure
The CEO of Better Markets, Dennis Kelleher, has urged the SEC not to approve applications for Spot Bitcoin ETF. He believes that it goes against the regulatory body’s core principles. Keller continued to emphasize that the approval would only result in the rise of several risks for investors.
In the letter written to SEC, Kelleher wrote,
“We submit this supplemental comment letter (which Better Markets very rarely does) because it would be a grave if not historic mistake almost certainly leading to a massive investor harm if the SEC approves the pending rule change.”
He argued that the approval of these Bitcoin ETFs would expose investors to a market greatly contaminated with fraud and manipulation. However, the masses have come in support of the approval of Bitcoin ETF applicants. They have stated that it would be criminal to disregard the effort put in by issuers.