Bitcoin ETF

Bitcoin

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 The U.S. Securities and Exchange Commission (SEC) has <a href="https://twitter.com/PerianneDC/status/1744517013173686643" rel="noopener noreferrer nofollow">reportedly </a>offered feedback to potential issuers of bitcoin exchange-traded funds (ETFs) after they<a style="color: #0000ff;" href="https://twitter.com/kgreifeld/status/1744380086923444269?s=20" rel="noopener noreferrer nofollow"> submitted documents disclosing service fees for their proposed offerings</a> yesterday, January 8, 2023.&nbsp;
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Some members of the crypto community pointed out that the SEC’s swift feedback before it is mandated to reach a final decision on some of these applications is a <a style="color: #0000ff;" href="https://twitter.com/PerianneDC/status/1744517013173686643" rel="noopener noreferrer nofollow">sign that it is seeking to delay the process</a> once again. Notably, one of the multiple applications, <a href="https://www.cnbc.com/2023/08/07/the-deadline-for-a-ruling-on-arks-application-for-a-bitcoin-etf-is-near.html" rel="noopener noreferrer nofollow">the one submitted by Ark and 21 Shares, has a deadline of January 10, 2024 – just a day away.&nbsp;</a>
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 1. This is true, comments came back on those S-1 documents with the fees that we all went crazy over this morning (this isn’t out of ordinary) 2. Expect to see more amendments tomorrow because of this 3. That said — I don’t think this is necessarily a delay signal <a href="https://t.co/o2m0lIBSct" rel="noopener noreferrer nofollow">https://t.co/o2m0lIBSct</a>
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1744521691605209512?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 9, 2024</a>
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<a style="color: #0000ff;" href="https://x.com/JSeyff/status/1744522095692825080?s=20" rel="noopener noreferrer nofollow">Responding to these claims in a post on X</a>, James Seyffart, a Bloomberg Intelligence analyst closely monitoring the developments in the bitcoin ETF space, said that it was almost unprecedented for applicants to receive a same-day response from the SEC for revised filings.
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 Really this just shows how quickly the SEC is turning these things around. Borderline unheard of to send over a document to the SEC in the morning and get comments back the same day (I think)
 If they wanted to delay — the issuers wouldn’t have gotten comments back tonight
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1744522095692825080?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 9, 2024</a>
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Despite a historical trend of the <a style="color: #0000ff;" href="https://defi-planet.com/2023/08/bitcoin-etfs-why-is-the-sec-bouncing-applications/" rel="noopener noreferrer nofollow">SEC rejecting every application for spot bitcoin ETFs dating back to 2013</a>, the recent surge in revised filings and prompt responses has fueled optimism within the industry. In recent weeks, there has been a surge in revised filings by issuers, reflecting ongoing discussions with SEC officials.&nbsp;
The substantial feedback and engagement between issuers and SEC officials suggest that the nearly dozen applications may be moving closer to approval even though there is no public indication of the potential decisions.&nbsp;
The optimism received an additional boost when major exchanges such as Nasdaq, NYSE Arca, and Cboe BZX submitted <a href="https://www.sec.gov/files/rules/proposed/34-39885.pdf" rel="noopener noreferrer nofollow">amended 19b-4 documents</a> on Friday, reportedly aligning with the <a style="color: #0000ff;" href="https://www.sec.gov/files/forms-1.pdf" rel="noopener noreferrer nofollow">S-1 filings</a>.&nbsp;
Despite this optimism, Matrixport analyst Markus Thielen has <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/sec-to-reject-all-bitcoin-spot-etf-proposals-in-january-says-matrixport-analyst/" rel="noopener noreferrer nofollow">predicted that the regulator might reject all Bitcoin ETF proposals</a> due to unresolved political dynamics influencing the decision-making process.
Meanwhile, BlackRock has <a href="https://twitter.com/EricBalchunas/status/1744690137550799015" rel="noopener noreferrer nofollow">reportedly </a>re-submitted an updated version of its applications based on the regulator’s fresh comments. Though it is still unclear what the changes are, this latest update suggests an ongoing and active dialogue between SEC officials and the potential ETF issuers, many of whom initially proposed the creation of spot bitcoin ETFs last summer.&nbsp;&nbsp;
<blockquote class="twitter-tweet">
 BlackRock just re-filed their S-1 based on last min comments given yesterday. Hard to tell what has changed at first glance, but imp thing is that the unheard of 24hr turnaround time bt filing, comments and re-filing tells us all parties aiming to get this show on road pronto. <a href="https://t.co/61cPtGJ4Oy" rel="noopener noreferrer nofollow">pic.twitter.com/61cPtGJ4Oy</a>
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1744690137550799015?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 9, 2024</a>
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2024/01/swift-sec-feedback-on-bitcoin-etf-fees-sparks-concerns-of-approval-process-delay/">Swift SEC Feedback on Bitcoin ETF Fees Sparks Concerns of Approval Process Delay</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Swift SEC Feedback on Bitcoin ETF Fees Sparks Concerns of Approval Process Delay

DeFi Planet

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