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🔥💥SEC May Approve Spot Bitcoin ETFs by Next Week
The SEC is said to be preparing early notifications to selected asset managers about their ETF applications.
The race for spot Bitcoin ETF approval has Decelerated among the major financial players.
Expectations are rising as large firms compete for spot Bitcoin ETF approval.
The Securities and Exchange Commission (SEC) reportedly plans to notify the 14 asset managers vying for the approval of spot Bitcoin exchange-traded funds (ETFs) as early as Tuesday or Wednesday next week. This could pave the way for the launch of these ETFs by January 10, 2024, the SEC's deadline for a decision.
SEC To Notify Asset Managers of ETF Applications Early
According to a Reuters report, the SEC may notify the 14 asset managers vying for approval of spot Bitcoin ETF applications as early as Tuesday or Wednesday next week. This will allow asset managers to launch their ETFs by January 10, the deadline for the SEC's decision on the Ark Investments and 21Shares spot Bitcoin ETF offering.
The report, citing sources familiar with the process, notes that many firms such as Ark Investments, 21Shares, Valkyrie, Bitwise, Wis Dec, Franklin Templeton, BlackRock, VanEck and Invesco may be among the first to launch.
Asset Managers Vie For Approval With Competitive Fee Structures
Some of the asset managers have submitted forms to the SEC detailing sponsor fees and other technical aspects of the ETFs they are offering. Fidelity currently has the lowest recommended sponsorship rate of 0.39%, while many other companies have not yet announced the fees they are planning.
Analysts believe that the approval of spot Bitcoin ETFs will open the door for significant institutional investments in the crypto Sunday. This could potentially increase the price of Bitcoin and further legitimize its position as a store of value and a potential asset class.
On the other side
The approval of spot Bitcoin ETFs may lead to higher market volatility due to increased speculative trading activities associated with ETFs.
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