According to CoinDesk, U.S. Securities and Exchange Commission (SEC) officials sent comments to prospective issuers of bitcoin exchange-traded funds (ETFs) just hours after the companies filed documents detailing fees for their proposed products. The issuers are expected to file updated documents on Tuesday. The comments addressed minor details in the amended S-1 forms rather than significant changes and should not affect the timeline for potential approval by the regulator.
Issuers hoping to launch spot bitcoin ETFs in the U.S., including BlackRock, Grayscale, and Fidelity, announced their expected fees in filings earlier Monday. Bloomberg Intelligence analyst James Seyffart, who has been closely tracking the bitcoin ETF applications, tweeted that it was 'borderline unheard of' for applicants to hear back from the SEC within the same day for amended filings. The SEC faces a Jan. 10, 2024 deadline for one of the applications, by Ark and 21 Shares.
A flurry of amended filings by issuers reflecting their conversations with SEC officials has raised hopes in recent weeks that the agency will approve spot bitcoin ETFs to trade in the U.S. The SEC has so far rejected every application for a spot bitcoin ETF, dating back to 2013. While the agency has not yet signaled publicly how it might rule on the latest slate of applications, the amount of feedback it's provided and the amended filings suggest the nearly-a-dozen applications will be cleared for takeoff.
