Discussions on launching spot Bitcoin exchange-traded funds (ETFs) in the United States are progressing, with the SEC asking detailed questions from potential issuers. Approval might be imminent, impacting major finance players like BlackRock, Ark Invest, and Grayscale.
Conversations surrounding spot Bitcoin ETFs in the U.S. have reached advanced stages, as reported by Reuters. The SEC’s detailed queries to potential issuers signal a potential approval of pending applications. Between June and December 2023, 13 firms, including BlackRock and Ark Invest, applied for spot Bitcoin ETFs.
Grayscale, directed by a court order, reentered the race in August. The court’s decision on Grayscale could influence the SEC’s stance.
The regulator, historically cautious due to market manipulation concerns, is now seeking intricate details earlier in the application process. Information requests have intensified, with meetings involving top SEC officials. Issuers like BlackRock, Grayscale, and Ark Invest have adjusted filings accordingly.
Despite anticipation for Ark Invest’s decision on January 10, 2024, there’s no public guarantee. However, the industry remains hopeful, considering the advanced nature of discussions, hinting at potential approval for all applications next month.