Bitcoin ETF

Bitcoin

Bloomberg analyst James Seyffart has shed light on the United States Securities and Exchange Commission’s (SEC) current predicament regarding approving a spot Bitcoin exchange-traded fund (ETF). In a recent private webinar with CryptoQuant, Seyffart suggested that the SEC faces a 90% likelihood of greenlighting the ETF. He argued that the SEC must devise new grounds for denial or concede to approval, given the recent court ruling <a href="https://coingape.com/grayscale-files-amended-s-3-form-for-spot-bitcoin-etf/">favoring</a> Grayscale over converting its Bitcoin Trust into an ETF. 
<h2 id="asset-managers-adapt-to-sec-s-requirements">Asset Managers Adapt to SEC’s Requirements</h2> 
Since BlackRock’s application in June, there has been a flurry of activity. SEC officials engaged in extensive meetings with asset managers, addressing concerns and suggesting modifications. Seyffart disagreed with Matrixport’s <a href="https://coingape.com/matrixport-predicts-bitcoin-price-dip-to-36k-amid-sec-potential-rejection-of-btc-spot-etf/">prediction</a> of potential rejections, citing the progress made by asset managers in meeting the SEC’s requirements, especially in terms of surveillance agreements with platforms like Coinbase. 
<h2 id="final-decision-on-bitcoin-etf-s">Final Decision on Bitcoin ETF’s</h2> 
Eric Balchunas, another industry analyst, confirmed the advanced stage of the approval process. He tweeted, 
<blockquote>
 “SEC is giving final comments as we speak, then issuers will submit final 19b-4s and S-1s soon after.”&nbsp;
</blockquote> 
This statement aligns with Jacquelyn Melinek’s report from sources extremely close to the matter: “The SEC will approve the bitcoin spot ETF for multiple firms’ applications.” 
<h2 id="potential-market-impact-and-institutional-caution">Potential Market Impact and Institutional Caution</h2> 
Seyffart predicts a major market impact, with a potential influx of $10 billion into Bitcoin ETFs in the first year. However, he cautioned that reaching the $100 billion mark, akin to U.S. gold ETFs, might take longer. He also highlighted the cautious <a href="https://coingape.com/blackrock-jp-morgan-prepare-for-immediate-spot-bitcoin-etf-approval/">approach</a> of institutional investors, who require thorough due diligence and often rely on approved investment lists, indicating a gradual adoption process among sophisticated traders. 
Significantly, the cryptocurrency sector eagerly anticipates the SEC’s final decision, due by January 10. Seyffart expects a collective nod from all applicants, with Grayscale’s conversion potentially taking a few additional days. This decision could mark a transformative moment in the crypto market, setting a new precedent for institutional investment in cryptocurrencies. 
Read Also: <a href="https://coingape.com/spot-bitcoin-etf-poll-shows-lower-than-expected-advisor-optimism/?utm_source=cgtelegram">Spot Bitcoin ETF: Poll Shows Lower Than Expected Advisor Optimism</a> 
The post <a href="https://coingape.com/bitcoin-etf-approval-in-final-stage-before-secs-19b-4-submissions-report/">Bitcoin ETF Approval in Final Stage Before SEC’s 19b-4 Submissions: Report</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin ETF Approval in Final Stage Before SEC’s 19b-4 Submissions: Report

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