SEC Issues Deadline for Spot Bitcoin ETF Players to Finalize Changes

  • SEC recently convened with reps seven firms aiming to introduce spot Bitcoin ETFs.
  • ETFs.Executives at the meetings revealed that the SEC had set a deadline of December 29 for final updates.
  • It was said that any issuer failing to meet this deadline would not be included in the initial wave of potential approvals in early January.

Officials from the U.S. Securities and Exchange Commission (SEC) convened on Thursday with representatives from at least seven companies aiming to introduce spot Bitcoin exchange-traded funds (ETFs).

Notable participants in these discussions included representatives from BlackRock, Grayscale Investments, ARK Investments, and 21 Shares. Public memos and sources familiar with the talks indicate that at least two companies were advised to submit their final changes by the end of the week. 

Executives from two companies who participated in the regulatory meetings spoke anonymously, revealing that the SEC had set a deadline of December 29 for final updates to their filings. Also, regulators communicated that any issuer failing to meet this deadline would not be included in the initial wave of potential approvals for spot bitcoin ETFs in early January.

The joint proposal from ARK Investments and 21 Shares, currently under SEC scrutiny, is scheduled for a decision by January 10. Market observers anticipate that the SEC may approve multiple applications simultaneously in the days leading up to this deadline.

Representatives from exchanges where the new products might be traded, such as Nasdaq and Cboe, along with legal representatives for the issuers, were also present at the meetings, according to meeting memos.

It is worth noting that the SEC has consistently denied various applications for introducing spot Bitcoin ETFs. The regulator often cited concerns about the susceptibility of the crypto market to manipulation. So far, the SEC has only approved Bitcoin and Ethereum ETFs linked to futures contracts traded on the Chicago Mercantile Exchange.

Nevertheless, in recent months, there has been a growing indication that regulators may be inclined to approve at least some of the 13 proposed spot Bitcoin ETFs. Some attribute this shift to a pivotal federal appeals court ruling in August, which determined that the SEC accepted Grayscale’s proposal to convert its trust into an ETF.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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