The leading cryptocurrency is trading above $44,000 and eagerly awaits the new week. Recently, volatility has been high. We saw the price of Bitcoin rise to $45,879. Then, unfounded ETF rejection rumors triggered a sell-off wave, causing a $5 loss and massive liquidations. So, what happens now?
Spot Bitcoin ETF
As we previously mentioned, the SEC is avoiding making an official statement on this matter, and issuers cannot clearly state where they stand. It is not possible to obtain information other than from insider sources and developments in the SEC’s filing system.
According to the latest leaks and developments confirmed in the filing system, on Monday, January 8th, ETF managers will make their final file updates. Analysts believe that by January 11th, we will see the official approval or rejection.
According to Bloomberg analyst Eric Balchunas, there is talk on Wall Street that the final stage for the spot Bitcoin ETF has been reached. We have shared the details with you at every stage, and the last hurdle to overcome was that transactions should only use cash, not in-kind transfers. BlackRock and others have adjusted their filings accordingly.
Spot Bitcoin ETF Approval
Revisions are expected to be submitted through S-1 applications by no later than 8:00 AM Eastern Time or 13:00 UTC (16:00 Turkey Time). Experts said that exchanges that will trade crypto funds submitted their 19-b forms after the markets closed on January 5th. It is known that 19-b and S-1 forms are the final steps before the decision of the United States Securities and Exchange Commission.
Now, after the final updates on Monday, the SEC needs to vote. However, nothing is planned on the commission’s public agenda before January 11th, when the markets predict the ETFs’ debut. According to Balchunas, the SEC could decide using a delegation of authority policy;
“We are not even sure if they will vote. [They could use something called delegation of authority, but we do not know. It seems there are three options: either they will vote, or they will use delegation of authority, which means they have to approve because they did not vote when they rejected the previous ones.”
For the past decade, the SEC has rejected the approval of a spot BTC ETF, citing concerns about potential market manipulation. However, with market expectations now so high and issuers having had over 30 meetings in just one month, further delays seem unlikely. If a rejection decision comes, we will likely see the SEC in court with the United States’ largest financial managers.
