![SEC Meets with Stock Exchange Reps for Anticipated Spot Bitcoin ETF Approval SEC Meets with Stock Exchange Reps for Anticipated Spot Bitcoin ETF Approval](https://i0.wp.com/cryptopotato.com/wp-content/uploads/2022/05/The_SEC.jpg?w=896&ssl=1)
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According to FOX Business, the U.S. Securities and Exchange Commission (SEC) is close to approving several spot Bitcoin exchange-traded funds (ETFs).
In a series of pivotal meetings held with major stock exchanges, including the New York Stock Exchange (NYSE), Nasdaq, and Chicago Board Options Exchange (CBOE), the SEC is reportedly finalizing the review of applications for the much-anticipated spot Bitcoin exchange-traded funds (ETFs).
US SEC Nears Decision on Spot Bitcoin ETFs
These discussions focus on revising and finalizing the 19b-4 filings. Submitted by the exchanges on behalf of the ETF issuers, they require SEC clearance before the ETFs can be sold to the public.
The discussions are a positive indication that the SEC might green-light some, if not all, of the dozen applications from major money managers and crypto firms for spot Bitcoin ETFs.
While a final decision has yet to be made, insiders suggest that the agency could start notifying issuers of their approval as early as this Friday. This development could lead to the trading of spot Bitcoin ETFs starting next week.
ETF analysts and issuers remain optimistic, expecting a favorable decision from the SEC on or before January 10.
This potential approval comes amidst fluctuating confidence in the crypto market. Recently, a research note from Matrixport suggested that the SEC, led by Chairman Gary Gensler, might reject all spot Bitcoin ETF applications due to the Commission’s current Democratic majority and its historically cautious stance towards cryptocurrency.
This speculation contributed to a more than 7% drop in Bitcoin’s price, following a spike to nearly $45,000 on Tuesday, fueled by hopes of an ETF approval.
Potential Implications of Spot ETFs on Crypto Investment
If the SEC approves the spot Bitcoin ETFs, this would mark a milestone for the cryptocurrency industry, offering retail investors greater access to the world’s largest digital asset at a lower cost than the currently approved futures ETFs.
Furthermore, introducing ETFs through trusted and highly regulated money management firms like BlackRock or Fidelity could widen the investor pool, enticing more to include cryptocurrency in their investment portfolios.
An SEC spokesperson has stated that any decision regarding the registration statement or 19b-4 orders would be reflected on EDGAR and published on the agency’s website and the Federal Register.
As the January 10th decision deadline approaches, the financial world watches with bated breath, eager to see if the SEC will pave the way for a new era in cryptocurrency investment.
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