The US Securities and Exchange Commission (SEC) has taken a significant step that has raised hopes for the approval of Bitcoin spot exchange-traded funds (ETFs). This comes after the SEC recently delayed applications for Bitcoin spot ETFs from major financial players like BlackRock, Fidelity, and VanEck due to the US government shutdown.Renowned ETF analysts, Eric Balchunas and James Seyffart, had previously estimated a 75% probability of approval for these ETFs earlier this year. However, this outlook appears to be in question given the recent delays.The SEC has offered an encouraging signal, something that has not been seen in the long history surrounding the approval of a spot ETF. Eric Balchunas, senior ETF analyst for Bloomberg, drew attention to this development in a recent tweet. Balchunas revealed that the SEC had sent the issuers comments to address their S-1 filings (related to plumbing, legal). This is a break from the typical pattern of delay, delay, radio silence then denial.ETF “plumbing” essentially encompasses the operational and technical infrastructure that underpins ETFs, including processes related to creation and redemption mechanisms, custody of assets, and legal aspects. These elements are crucial for the efficient functioning of ETFs and maintaining their price alignment with the assets they track.The SEC is expected to approve nine Ethereum futures ETFs today, effectively removing its ability to deny Bitcoin spot ETFs while still allowing Ethereum futures ETFs. Nate Geraci, President of the ETF Store and host of the ETF Prime podcast, offered an alternative perspective. Geraci noted that if the SEC allows ETH futures ETFs to launch, it would have to assume forcing the closure/delisting of BTC futures ETFs is off the table.These recent developments indicate a pivotal moment in the ongoing effort to secure regulatory approval for Bitcoin spot ETFs in the United States. While the outcome remains uncertain, the SEC’s recent actions have injected fresh hope, suggesting that approval may be within reach.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	positive
Relevance Score	8
People	Nate Geraci, Eric Balchunas, James Seyffart
Companies	SEC, Ark Invest / 21 Shares, BlackRock, VanEck, Fidelity
Currencies	Ethereum, Bitcoin
Securities	None