A Bloomberg analyst says that the U.S. Securities and Trade Fee (SEC) is gearing as much as approve all bids for a spot market Bitcoin (BTC) exchange-traded fund (ETF).
In a prolonged thread on the social media platform X, James Seyffart says that the SEC making earlier-than-expected rulings on Franklin’s bids for a BTC ETF means the regulatory company might be setting the stage to approve the others in January.
“Wow. SEC went tremendous early on Franklin. They weren’t due for one more resolution till Jan 1. Notably, Franklin is the one issuer who didn’t submit an up to date [Form] S-1 (registration of asset-backed safety) but. Surprise if that has any impression right here…
Going tremendous early on Franklin in the present day (and doubtlessly Hashdex coming too?) would set issues up for a full wave of approvals in early January.”
Nevertheless, the SEC didn’t find yourself ruling early on Hashdex’s bid. As an alternative, the regulatory physique pushed it again to a particular date, prompting Seyffart to believe that the SEC is aiming to approve all BTC ETF functions on the similar time.
“This delay on Hashdex all however confirms for me that this was doubtless a transfer to line each applicant up for potential approval by the Jan 10, 2024 deadline.”
Nevertheless, Seyffart says the method might not go easily as there might be some hang-ups with the submitting course of or the SEC might find yourself denying the bids.
“Gonna sprinkle some caveats right here:
1. That is simply the 19b-4 (new by-product safety product submitting) approvals. We all know from updates and different sources that [the] SEC nonetheless isn’t fairly able to approve the S-1s (prospectuses) simply but. So approval might occur right here with out rapid launch.
2. They might nonetheless be denied.”
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