Race for Bitcoin ETFs heats up as SEC issues deadline

Race for Bitcoin ETFs heats up as SEC issues deadline

December 26, 2023

By Aniket Verma

ARK and 21 Shares’ ETF application will be decided by the 10th of January.

Firms missing this cut-off date won’t be considered for the first wave of approvals in January 2024.

The crypto market was abuzz with optimism over spot Bitcoin [BTC] exchange-traded fund (ETF) applications, most of which are expected to be green-lighted as early as January 2024.

Amidst the buildup, the United States Securities and Exchange Commission (SEC) issued an important directive for firms aiming to get their ETFs approved in the “first wave” of potential approvals.

SEC fixes the deadline for final amendments

The regulator has fixed the 29th of December as the deadline for submitting final changes to respective filings, according to a Fox Business journalist, Eleanor Terrett.

Terrett quoted the SEC as saying that firms missing this cut-off date won’t be considered for the first wave.

The decision was made after a high-level meeting on the 21st of December. The meeting was attended by representatives of BlackRock, Grayscale Investments, ARK Investments, and 21 Shares.

Lots to look forward to

Note that the final deadline for the SEC to decide on spot ETF applications falls in January for most of the applicants. The joint proposal from ARK and 21 Shares, is due for a decision on the 10th of January.