BTC
by BSCN
January 9, 2024
The move comes as the crypto community eagerly anticipates an end to the prolonged wait for U.S. spot bitcoin ETF approval.
BlackRock and VanEck have once again taken a step towards realizing the long-awaited approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. On Tuesday, both financial giants submitted updated S-1 forms to the U.S. Securities and Exchange Commission (SEC), signaling a potential breakthrough in the quest for regulatory green lights.
The updated filings indicate that spot Bitcoin ETF issuers, including BlackRock and VanEck, are in agreement with the latest comments provided by the SEC. To meet regulatory expectations, issuers have made modifications, with a particular focus on potential shareholder harm in insolvency scenarios and the prevention of conflicts of interest among authorized ETF participants.
On Tuesday, the SEC and prospective ETF issuers engaged in almost unprecedented levels of engagement. Earlier, the SEC provided comments to issuers within hours of filing documents detailing proposed product fees. Before that, BlackRock, Ark Invest/21Shares, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie had filed amended S-1 forms for spot bitcoin ETFs.
Within 24 hours, filings and responses were exchanged, conveying the urgency and commitment of the approval process.
With a looming deadline of January 10, 2024 – this Wednesday – the SEC faces a crucial decision point for one of the applications submitted by Ark and 21 Shares. It is widely anticipated that the SEC could approve all pending crypto applications this week with a spirit of fairness and efficiency.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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