The road to a spot Bitcoin exchange-traded fund (ETF) on Wall Street is reaching its final milestones, with the latest updates indicating a potential trading debut on Jan. 11. Let’s explore the key steps leading up to this significant event.
- Jan. 8 Deadline for Asset Managers’ Final Amendments
In the race toward regulatory approval, asset managers are diligently working on the last round of revisions, with the deadline set for Jan. 8. As Bloomberg analyst Eric Balchunas notes, these amendments are crucial and will be submitted through S-1 filings by 8:00 a.m. Eastern Time, disclosing essential details such as remaining fees and tickers. Notably, some heavyweights like BlackRock are yet to unveil the associated fees for their ETF.
- Submission of 19-b Forms by Crypto Fund Exchanges
On Jan. 5, participating exchanges submitted their 19-b forms, marking a pivotal step in the overall process. These forms, coupled with the S-1 filings, serve as the final documentation before the United States Securities and Exchange Commission (SEC) delivers its verdict.
- SEC Decision-Making Process
The decision-making process at the SEC might involve a vote by the commissioners. While the SEC’s public agenda does not show any scheduled events before Jan. 11, when the market anticipates the ETFs’ debut, Balchunas suggests that the SEC could leverage its delegated authority policy. This means a potential approval without a formal vote, a scenario Balchunas deems plausible.
- Predictions for Approval
Balchunas predicts a favorable outcome for most applicants next week, especially for those meeting the regulator’s requirements before the Dec. 29 deadline. Notably, he highlights that Grayscale, seeking the conversion of its Grayscale Bitcoin Trust into a listed BTC ETF, might receive its decision shortly after the initial approval.
- Addressing Concerns and Criticisms
Recent criticism, such as Better Markets’ letter dubbing ETF approval a “historic mistake,” is viewed by Balchunas as the final resistance of crypto skeptics. He points out that these critics overlook the current accessibility of crypto, emphasizing that ETFs are not introducing crypto for the first time but rather expanding its reach. Balchunas dismisses such critiques as the last efforts of crypto detractors to voice their disapproval.
As the SEC navigates the final stages of the Bitcoin ETF approval process, the crypto community eagerly awaits the potential launch, anticipating a significant shift in the landscape of cryptocurrency investment. Stay tuned for updates on this historic development.
Source: Cointelegraph.com
