The final preparations for the launch of a spot Bitcoin exchange-traded fund (ETF) on Wall Street are underway, with asset managers expected to submit their final revisions by the morning of Jan. 8, says Bloomberg analyst Eric Balchunas. These revisions, to be submitted through S-1 filings no later than 8:00 a.m. Eastern Time, or 13:00 UTC, will disclose the remaining fees and tickers of applicants. Notably, BlackRock has yet to reveal the fees associated with its ETF.
Exchanges planning to trade the crypto funds submitted their 19-b forms after markets closed on Jan. 5. The 19-b forms and S-1 filings represent the final steps before a decision from the United States Securities and Exchange Commission (SEC), Balchunas explained. The next stage could be a vote by the SEC commissioners, although nothing is scheduled on the commission’s public agenda before Jan. 11, when the ETFs are expected to debut.
According to Balchunas, the SEC could make the decision using its delegated authority policy. He stated, “We’re not even sure they’re going to vote. […] They could use something called delegated authority, but we don’t know. It looks like there are three options: whether they vote or use delegated authority, which means they must approve it because when they denied the past ones, they didn’t have a vote.” Balchunas anticipates that most applicants will be approved next week, or at least those who met the regulator’s requirements before Dec. 29.
Grayscale, which is seeking to convert its over-the-counter Grayscale Bitcoin Trust into a listed BTC ETF, may receive its decision after the first applicant’s approval is granted. Balchunas commented, “It wouldn’t surprise me if there was something different with them.”
Balchunas also responded to a letter from Better Markets on Jan. 5, which argued that approval of ETFs would be a “historic mistake”. He dismissed it as the “last gasp of an angry crypto hater.” He argued that the ETF is not making crypto available for the first time, as anyone can buy crypto now. He believes the letter carries little weight and is merely a record of their dislike for crypto.
For the past decade, the SEC has denied approval of a spot BTC ETF, citing concerns over potential market manipulation. However, according to Bloomberg’s James Seyffart, the regulator appears to be “backed into a corner”.
Lawmakers’ fear and doubt are driving proposed crypto regulations in the US.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Eric Balchunas, James Seyffart |
| Companies | BlackRock, Grayscale, United States Securities and Exchange Commission, Bloomberg, Better Markets |
| Currencies | Bitcoin |
| Securities | None |
