- Eleven spot Bitcoin ETF applicants have submitted 19b-4 amendment forms as the U.S. SEC deadline approaches, signaling a potential breakthrough for cryptocurrency adoption.
- Experts express optimism, expecting final approval before January 10, while a survey reveals that only 39% of U.S. financial advisers believe a Bitcoin ETF will be approved in 2024, highlighting skepticism within the industry.
As the week comes to a close, the cryptocurrency community is on the edge of its seat as 11 spot Bitcoin ETF applicants have submitted 19b-4 amendment forms, bringing the approval process one step closer. With the U.S. Securities and Exchange Commission (SEC) deadline just days away, the anticipation for the regulatory green light is palpable.
The SEC’s acceptance of filings by exchanges signals a positive trajectory for the listing of a spot Bitcoin ETF. On January 5, major asset managers such as BlackRock, Valkyrie, Grayscale, Bitwise, Hashdex, ARK 21Shares, Invesco Galaxy, Fidelity, Franklin Templeton, VanEck, and WisdomTree submitted 19b-4 amendments for spot BTC ETF applications.
There's the first 19b-4 amendment filing! Here we go. https://t.co/dz01aborw7
— James Seyffart (@JSeyff) January 5, 2024
While the filings represent a significant milestone in the approval process, the final step involves completing S-1 documents, allowing U.S. exchanges to list shares of investment securities directly linked to cryptocurrencies.
The race against time is evident, with the deadline approaching for ARK Invest and 21Shares on January 10. Many industry experts speculate that the SEC could grant final approval before this critical date, potentially leading to broader crypto adoption in the U.S. and globally.
Bloomberg ETF analyst Eric Balchunas expressed optimism about the SEC’s decision, stating on X (formerly Twitter),
“Yeah, it’s basically done. Latest I’m hearing (from multiple sources) that final S-1s are due 8 am on Monday as SEC is trying to line everyone up for Jan 11th launch.”
@JSeyff ON TWITER
However, this sentiment is not universally shared among U.S. financial advisers. A recent survey conducted by ETF issuer Bitwise revealed that only 39% of U.S.-based financial advisers believe a Bitcoin ETF will be approved in 2024.
The skepticism within the financial advisory community suggests a cautious approach to the potential approval, emphasizing the need for regulatory scrutiny despite the optimism expressed by some experts.
As the clock ticks down to the SEC’s decision, the cryptocurrency market holds its breath, awaiting a verdict that could redefine the landscape and open new avenues for investors. The potential approval of spot Bitcoin ETFs could be a game-changer, bridging the gap between traditional finance and the digital asset space. The next few days are poised to be crucial in determining the future trajectory of cryptocurrency adoption in the United States and beyond.
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