2023 was sufficiently challenging, and due to nightmares, 2022 was spent sleeplessly. And here we are in 2024, now losing sleep out of excitement. The most significant event in the history of cryptocurrency markets will likely be the approval of the Spot Bitcoin ETF. This historic turning point will ignite the fuse for global institutional acceptance and will mark the start of a brand new era.
Spot Bitcoin ETF Approval
The Securities and Exchange Commission is currently working overtime. After the Christmas holiday, they need to complete the work they left half-finished, and discussions have been held with the New York Stock Exchange, Nasdaq, and Chicago Board Options Exchange.
FOX Business claims to have learned some things from the Trading and Markets Division and according to news based on insider sources, the approval process has moved forward.
“According to individuals from firms who wish to remain anonymous, the meetings are seen as a positive sign that the SEC is close to approving some or all of a dozen applications for the product made by large investment managers and crypto firms. The SEC specifically wants exchanges to review and conclude their 19b-4 applications, which are presented on behalf of issuers by exchanges and require SEC approval for the ETF to be sold to the public.”
Friday is the Big Day
Cryptocurrency investors will have sleepless nights on Thursday and the early hours of Friday. Critical employment and wage increase data that will affect Fed policy on the macro front will be announced. But more importantly, by Friday, the final decision must be communicated to potential issuers so that listings can be made the following week.
The truth is that the longer a subject is discussed in the mainstream media with “definite statements,” the more we see it come to fruition. WSJ, Reuters, Bloomberg, and now Fox Business are all saying approval is coming.
“Although the final decision has not yet been made, sources close to the process say the SEC may start notifying issuers of the approval on Friday, and transactions could start as early as the following week. ETF analysts and issuers are confident that the SEC will issue a positive decision by January 10th or earlier, due to ongoing discussions with key players on the subject.”
A spokesperson for the SEC told FOX Business;
“Generally speaking, if the Commission declares a registration statement effective, this will be reflected in EDGAR (online filing system). The Commission’s 19b-4 orders will be published on our website and then in the Federal Register.”
