Bitcoin ETF Deadline Looms: BlackRock, Grayscale, & More Race for SEC Approval

Published by

Elena R

December 27, 2023

The race to bring Bitcoin to mainstream investment portfolios is heating up, with the U.S. Securities and Exchange Commission (SEC) at the helm. Buzzing with anticipation, the SEC is paving the way for the inaugural launch of spot Bitcoin ETFs.

The clock is ticking, with a clear message to companies in the fray: all amendments for spot BTC ETF applications must be on the SEC’s desk by December 29 to ride the first wave of approvals.

Key Discussions with Industry Leaders

The SEC is actively talking with several companies, including big names like BlackRock, Grayscale Investments, ARK Invest, and 21 Shares. Reports suggest the SEC has urged two of these firms to finalize their changes by the end of the week. Representatives from Nasdaq and Cboe, the expected trading platforms for these ETFs, are also part of these ongoing talks with the SEC.

Fred Rispoli, an expert in cryptocurrency law, sheds light on the SEC’s approach. He believes the SEC is carefully managing its decisions—trying to meet the needs of major financial players while avoiding legal issues. This cautious approach might explain why there hasn’t been a quick approval.

Industry Adjustments in Motion

Meanwhile, Grayscale is making adjustments to its filings. They’re working to transform their Bitcoin Investment Trust into a spot Bitcoin ETF, aligning with the SEC’s guidelines. Additionally, Hashdex is in direct talks with the SEC, including meetings with Chairman Gensler. These discussions highlight the detailed negotiations happening within the crypto regulatory environment.

Also Read: Grayscale Faces Major Leadership Reshuffle; Shadows Cast on Spot ETF Future

Looking Ahead: Any Progress for Crypto Regulations?

As we approach 2024, these discussions are crucial for understanding the future of crypto regulation. They show the careful planning and negotiations shaping the crypto industry’s rules and dynamics.

John Reed Stark, well-versed in crypto-spot ETFs, had previously shared reservations about the SEC approving Bitcoin-spot ETFs. However, he also suggested that things might change after the U.S. Presidential Election. Stark and others believed a Republican win could benefit the U.S. digital asset sector. Importantly, Stark made these comments before Grayscale’s significant legal win, which could influence future ETF decisions.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.