News surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) has been met with delays, leaving investors and enthusiasts eager for updates. As the US Securities and Exchange Commission (SEC) moves at its own pace, speculation persists about when the long-awaited approval will finally come. In this article, we will examine the latest developments surrounding Bitcoin ETF approvals and explore the changing predictions of industry experts.
TechCrunch reporter Jacquelyn Melinek recently amended her previous statement, in which she hinted at a potential approval happening on a specific date but failed to offer a concrete confirmation. In her update, Melinek acknowledged that the approval timeline remains uncertain, citing the extensive behind-the-scenes work being undertaken by regulatory authorities. Although she had hoped for a more definitive answer, Melinek emphasized that she cannot control the shifting circumstances.
New Filings and Public Announcement
Melinek also mentioned that ETF issuers are expected to finalize their 19b-4 filings, which are essential for exchanges like Nasdaq, NYSE Arca, and Cboe BZX to list spot Bitcoin ETFs. These filings are set to be made public shortly, potentially shedding more light on the progress of ETF approval. However, as of the time of writing, the SEC had yet to publish any relevant updates on its national securities exchange page, leavening investors with a sense of uncertainty.
Experts’ Revised Predictions
The delay in ETF approval prompted high-profile commentators to adjust their forecasts regarding the regulatory decision. Fox Business reporter Eleanor Terrett, who had previously speculated about a possible Friday approval, now believes that 19b-4 filings submitted by applicants today will lead to an ETF approval next week. Bloomberg ETF analyst James Seyffart, who initially predicted approval by January 10, expressed a similar sentiment, anticipating “potential approval orders” in the coming week.
A joint application from Ark Invest and 21Shares awaits the SEC’s decision, with a deadline of January 10. Although there is a possibility of rejection, many industry commentators remain optimistic, expecting the application to be approved alongside others. These optimistic hopes are fueled by extensive meetings between the SEC and ETF applicants, as well as the increasing participation of major asset management firms like BlackRock and Fidelity in the cryptocurrency sector.
The journey towards Bitcoin ETF approval continues to be a tumultuous one, characterized by delays and ever-changing predictions. Investors eagerly await updates from regulatory authorities, as the success or failure of the joint application and subsequent ETF approvals could potentially have significant implications for the cryptocurrency market. As stakeholders navigate these uncertain times, it is essential to approach the topic with caution and vigilance, recognizing that the path to regulatory acceptance may be subject to further twists and turns.