The U.S. Securities and Exchange Commission (SEC) will reportedly hold a meeting with applicants of spot Bitcoin exchange-traded funds (ETFs) next week, according to a securities attorney who claims to have inside information.
Bias Knox, an expert on ETFs and crypto regulation, tweeted Wednesday that the meeting will take place with the SEC's Trades and Markets Division, which oversees regulation of major securities market participants.
Knox also says the meeting will give some insight into whether the SEC is open to approving a spot BTC ETF. He also suggests that as the fees for futures contracts fall, the ability to lend BTC holdings could give some applicants like Fidelity an advantage.
A spot Bitcoin ETF will track the BTC price directly, unlike the futures-based BTC ETFs that have been approved by the SEC so far.
Knox's tweet was quoted by Eric Balchunas, a senior ETF analyst at Bloomberg, who said he views Knox as a trusted expert on the subject.
Balchunas tweeted, “According to this person we've identified as a credible expert on the subject, spot bitcoin ETF applicants and the SEC are meeting next week… and honestly they should, I think they 'need to talk'.”
Balchunas also stated that he cannot confirm the veracity of Knox's claim.
*Not investment advice.