The US Securities and Exchange Commission (SEC) is reportedly in talks with major exchanges including Nasdaq, CBOE, and NYSE regarding Bitcoin Spot Exchange Traded Funds (ETFs). This news comes amid expectations that approval for the ETF may be imminent.
“SEC Currently Negotiating with Exchanges for Bitcoin Spot ETFs”
The SEC is holding meetings today to finalize comments on 19b-4s submitted by Bitcoin Spot ETF applicants, according to FOX Business reporter Eleanor Terrett. This development follows a report published by Reuters last week, which suggested that Bitcoin Spot ETF approvals could be given as early as January 2 or 3.
Despite expectations, the wait for approval continues. However, Terrett's news indicates that the SEC's ongoing discussions may lead to progress in the approval process. Previously, FOX had contributed to the speculation and excitement in the cryptocurrency market by reporting that approval could come this week.
However, in a report published by Matrixport today, the Bitcoin price dropped approximately 7% due to the claim that ETFs would be rejected. Bloomberg analysts believe the likelihood of rejection is low.
In response to the information shared by Eleanor Terrett, Bloomberg ETF analyst Eric Balchunas explained that if the SEC wanted to reject or delay Bitcoin Spot ETFs, it would not have engaged in such discussions with exchanges. So the latest development is in favor of approving Bitcoin spot ETFs.
*This is not investment advice.