U.S. SEC Asks Firms Applying for Spot Bitcoin ETFs To Complete Last-Minute Corrections Before New Year: Report
The U.S. Securities and Alternate Fee (SEC) is reportedly asking companies which have bid to create Bitcoin (BTC) exchange-traded funds (ETFs) to finish last-minute corrections earlier than the beginning of 2024.
In accordance with a brand new report by Reuters, nameless sources aware of the matter say the regulatory company met with representatives of corporations that utilized to create BTC ETFs and instructed them to submit closing modifications to their paperwork by the tip of the 12 months.
Companies in dialogue with the regulatory physique embrace Cathie Wooden’s ARK Make investments and BlackRock, in addition to crypto administration agency Grayscale and crypto ETF issuer 21Shares.
The report finds that the SEC met with executives from 21Shares and ARK Make investments – who’ve filed collectively collectively to create a spot market BTC ETF – and instructed them that corporations who don’t meet the December twenty ninth deadline might be excluded from the primary spherical of potential approvals or denials.
Moreover, representatives of conventional exchanges, akin to Nasdaq and the Chicago Board Choices Alternate (CBOE), in addition to authorized representatives for the ETF hopefuls, additionally attended the conferences, in accordance with the report.
Two executives who had been within the conferences instructed Reuters that the company may approve spot market BTC ETF purposes within the first enterprise days of subsequent 12 months.
Earlier this 12 months, a federal decide dominated that the SEC should rethink its rejection of Grayscale’s bid to create a BTC ETF to keep away from inconsistency and arbitrariness. Beforehand, the SEC had permitted BTC futures ETFs, however the regulator couldn’t efficiently argue in court docket why they permitted futures ETFs however not spot market ones.
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