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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jul 06, 2023 10:30 UTC
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SEC to Meet BlackRock, Fidelity, and Others: Will the Bitcoin ETF Approvals Come Through?
BlackRock, Fidelity, and others to meet SEC for Bitcoin ETF approval.
Meeting crucial for potential spot Bitcoin ETFs, given SEC's historical rejections.
SEC approves leveraged Bitcoin futures ETF; BlackRock and Fidelity resubmit applications.
BlackRock, Fidelity Investments, and other hopefuls vying for a spot in the Bitcoin exchange-traded fund (ETF) market are scheduled to convene with the U.S. Securities and Exchange Commission (SEC) in the upcoming week.
This meeting comes as a follow-up to the refiling of applications by all applicants, who have now included crucial information about their surveillance-sharing partnerships and other necessary details. Here’s a detailed breakdown of everything you need to know.
High-Stakes Meet
According to Bloomberg, rominent ETF analysts, Eric Balchunas and James Seyffart, have recently shared insights from a credible source via Twitter, revealing that the meeting between spot Bitcoin ETF applicants and the U.S. SEC is expected to take place next week.
Balchunas emphasizes the importance of this meeting, as it will likely address the potential for spot Bitcoin ETFs and any necessary rule amendments.
It is important to note that while this information is of interest, it has not been confirmed with absolute certainty.
Will SEC Greenlight the Applications?
Regular meetings between the SEC staff and ETF applicants occur following an official filing, serving to determine approval or denial and provide clarity on the SEC’s stance. However, the upcoming meeting regarding the approval of spot Bitcoin ETFs carries significant importance for the cryptocurrency industry, particularly due to the SEC’s historical pattern of rejecting spot Bitcoin ETFs while approving other similar ETFs. Notably, the SEC, led by Chair Gary Gensler, has been consistent in its approach.
In recent developments, the US SEC granted approval for the first leveraged Bitcoin futures ETF, known as the Volatility Shares 2x Bitcoin Strategy ETF. This approval came after a wave of Bitcoin ETF filings in the past month.
Related: Crypto Trading Volumes Surge Amid ETF Optimism After 3-Month
Simultaneously, market participants such as BlackRock, Fidelity Digital Assets, Invesco, Valkyrie, and WisdomTree, among others, have refiled their spot Bitcoin ETF applications, incorporating details regarding their surveillance-sharing agreements.
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