Important facts:
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Bloomberg sources revealed that the SEC has not made any additional comments on the proposals.
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If they approve the ETFs, they could begin trading as early as the next business day.
The US Securities and Exchange Commission (SEC) final decision on spot Bitcoin ETFs (BTC) is not yet known. The regulator has until Wednesday next week to decide whether or not to approve the ETF application submitted jointly by the companies ARK and 21Shares. Many experts believe that there could be a simultaneous mass approval of several funds in order to avoid favoritism towards a particular fund.
A few moments ago it became known that, according to anonymous sources consulted by the Bloomberg agency, Companies applying for a permit have overcome “a major obstacle.”. Relates to delivery of Form 19b-4. This is a document used in the application process to register an exchange traded fund.
Form 19b-4 contains detailed information about the proposed ETF, including its structure, objectives, strategies and risks, relevant to the SEC's review and approval (or disapproval). Furthermore, according to the Explanation from Bloomberg, These documents may contain “proposals for rule changes on exchanges that allow ETF trading.”.
It is important to clarify that, although this form is necessary, not necessarily sufficient for approval. The SEC considers many other factors before making a decision.
The sources assured this The SEC has not made any new comments to the companies that applied for approval, which means that, given all the information already received, we just have to wait for the commissioners' vote. Additionally, the sources explained that an ETF can sometimes be approved without requiring this vote.
If all application forms are approved by the SEC, Spot Bitcoin ETFs could begin trading on exchanges as early as the next business day.
As CriptoNoticias reported, investment fund specialist James Seyffart said this more than a month ago The approval of several Bitcoin ETFs would occur between January 8th and 10th, 2024:
“The window is officially from January 5th to 10th. In reality, this means that any possible approval order will arrive on Monday, January 8th, Tuesday, January 9th, or Wednesday, January 10th. Mark your calendars, people.
James Seyffart, hedge fund specialist at Bloomberg Intelligence.
Everything points to that Seyffart was right.