Spot Bitcoin ETF Approvals: A Delayed Timeline and the Final Stages

Spot Bitcoin ETF Approvals: A Delayed Timeline and the Final Stages

TechCrunch reporter Jacquelyn Melinek recently provided an update on the expected timeline for spot Bitcoin ETF approvals. In her statement on Jan. 5, she mentioned that she had spoken with sources and initially anticipated something to happen on Friday. However, she later revised her prediction, stating that approvals could potentially occur next week, although no definitive timing has been provided. Melinek explained that the government is moving at its own pace, causing things to progress slower behind the scenes.

Reflecting on her previous expectations, Melinek acknowledged the unpredictable nature of the industry. She clarified that her original statement about “expecting something” was based on reliable sources but noted that circumstances can change beyond her control. Despite this setback, Melinek believes that issuers will likely finalize their 19b-4 filings on either Friday or Monday, making these filings publicly available soon.

Several high-profile commentators also updated their predictions concerning spot Bitcoin ETF approvals. Fox Business reporter Eleanor Terrett, who had previously suggested a possible approval by Friday, now anticipates that applicants will submit their 19b-4 filings today. Based on these new developments, Terrett expects an ETF to receive approval next week. Similarly, Bloomberg ETF analyst James Seyffart, who initially predicted approval by Jan. 10, maintains his expectation for potential approval orders in the coming week.

The U.S. Securities and Exchange Commission (SEC) holds the authority to decide on a joint application from Ark Invest and 21Shares by Wednesday, Jan. 10. Although a rejection remains a possibility, many industry commentators remain optimistic, believing that the SEC will approve not only this ETF but also various other applications. This optimism stems from extensive meetings between the SEC and ETF applicants, the frequent amendments made by applicants, and the involvement of major asset management firms like BlackRock and Fidelity.

It is important to note that as of 8:00 p.m. UTC on Jan. 5, the SEC had not yet published any relevant updates on its national securities exchange page. In light of this delay, the industry eagerly awaits further announcements from the SEC and closely monitors any progress in the final stages of approval.

The potential approval of spot Bitcoin ETFs holds significant implications for the cryptocurrency market. A Bitcoin ETF would allow for greater accessibility and legitimacy, attracting more institutional investors and retail participants alike. This increased influx of capital could potentially drive up the price of Bitcoin and further integrate it into mainstream finance.

Furthermore, the approval of such ETFs would mark a significant milestone in the broader adoption of cryptocurrencies. It would signal a growing acceptance of digital assets within regulatory frameworks, potentially leading to further regulatory clarity and a more supportive environment for cryptocurrency innovation.

While the timeline for spot Bitcoin ETF approvals experienced a delay, industry insiders remain hopeful for imminent approvals. The revised predictions and the final stages of the approval process indicate that regulatory authorities are seriously considering the potential benefits of Bitcoin ETFs. As the public eagerly awaits further developments, the cryptocurrency market and its participants prepare to embrace a new era of accessibility and legitimacy.

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