The Securities and Exchange Commission (SEC) is reportedly on the verge of approving the long-awaited spot Bitcoin exchange-traded fund (ETF), according to FOX Business reporter Eleanor Terrett.
Meetings are being held between SEC staff attorneys from the Trading and Markets Division and officials from major exchanges such as the New York Stock Exchange, Nasdaq and Chicago Board Options Exchange. These exchanges are the intended platforms for trading these ETFs. We reported this development a few hours ago.
These meetings are seen as a positive sign that the SEC is moving closer to approving some or all of a number of applications filed by major money managers and cryptocurrency companies for the product. Specifically, the SEC asked the exchanges to review and finalize so-called 19b-4 applications submitted by the exchanges on behalf of the applicants, which must receive SEC approval before the ETF can be sold to the public.
Next Date to Focus on for Bitcoin Spot ETF Approval is Friday, According to Terrett's Source
According to the new information, although a final decision has not yet been made, sources close to the process say the SEC could begin notifying applicants of its approvals as early as Friday, and proceedings could potentially begin as early as next week. ETF analysts and applicants are confident of a positive decision from the SEC on or before January 10, as the SEC continues to meet with key figures on the matter.
*This is not investment advice.
