In a significant development, the US Securities and Exchange Commission (SEC) has taken an unprecedented step that has raised hopes for approving Bitcoin spot exchange-traded funds (ETFs). The SEC recently delayed applications for Bitcoin spot ETFs from major financial players like BlackRock, Fidelity, and VanEck due to the looming US government shutdown. Renowned ETF analysts, Eric Balchunas and James Seyffart, had previously estimated a 75% probability of approval for these ETFs earlier this year. However, this outlook appears to be in question given the recent delays.
The new focal point in the quest for Bitcoin spot ETF approval is January 10, 2024, coinciding with the expiration of the last deadline for Ark Invest / 21 Shares. The Bitcoin and ETF community is closely watching to see if the SEC will approve this. Remarkably, the SEC has offered an encouraging signal, something that has not been seen in the long history surrounding the approval of a spot ETF. Eric Balchunas, senior ETF analyst for Bloomberg, drew attention to this development in a recent tweet. Balchunas revealed that the SEC not only delayed the spot bitcoin filings but also sent comments to address the S-1 filings of the issuers, which is a deviation from the typical pattern of delay and denial. This unexpected move by the SEC is seen as a positive sign, although the timeline for approval remains unclear.
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