As the deadline for the approval of several spot Bitcoin ETFs approaches on January 10, the US Securities and Exchange Commission (SEC) has stirred up a debate within the crypto community. The SEC has sent new comments on updated S-1 filings just hours after their submission, leading to speculation about the potential implications for the approval timeline of Bitcoin ETFs.
Perianne Boring, founder and CEO of the Chamber of Digital Commerce, expressed concern over the SEC’s actions, interpreting them as a signal for delay. However, this view is not universally held. James Seyffart, an ETF expert for Bloomberg, provided a more nuanced perspective. He expects to see more amendments due to the SEC’s comments but does not necessarily see this as a delay signal. Seyffart highlighted the unusual speed of the SEC’s response, which he described as “borderline unheard of”.
Eleanor Terrett, a Fox Business journalist, reported a general sentiment of confidence after speaking with some of the involved parties. They expressed that they are not worried and believe this is just part of the process to get everything in before January 10th. Despite her initial concerns, Boring hopes for a positive outcome, expressing her worry that the SEC has more tools at its disposal to block spot bitcoin ETFs from coming to market.
Adding to the optimism, Scott Johnsson, a finance lawyer at Davis Polk, pointed out that S-1s do not need to be complete when 19b-4s are approved. He believes that the quick comments from the SEC demonstrate its efforts to push everything forward for a quick approval and launch. Further investigation reveals that the comments addressed minor details in the amended S-1 forms rather than significant changes, suggesting that they should not affect the timeline for potential approval by the regulator.
Prominent issuers, including BlackRock, Fidelity, Bitwise, Ark and Grayscale had announced their expected fees in filings earlier on Monday. The comments from the SEC also indicate that officials continue to engage in dialogues with the would-be ETF issuers. While a delay seems possible, it appears rather unlikely at this stage.
At press time, BTC was trading at 46,835. The price has broken out of the uptrend channel established in mid-October and is currently performing a retest. If this is crowned with success, the 0.618 Fibonacci retracement level at $48,700 would be the next target.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | James Seyffart, Eleanor Terrett, Scott Johnsson, Perianne Boring |
| Companies | Fox Business, Chamber of Digital Commerce, Ark, US Securities and Exchange Commission, BlackRock, Bitwise, Grayscale, Davis Polk, Fidelity, Bloomberg |
| Currencies | Bitcoin |
| Securities | None |
