Proposed Rule Changes Filed for 11 Spot Bitcoin ETFs

Eleven spot bitcoin exchange-traded funds (ETFs) are moving closer to approval by the U.S. Securities and Exchange Commission (SEC). Proposed rule changes to list and trade all 11 spot bitcoin ETFs on stock exchanges have been filed with the SEC. An ETF analyst stated that the process is almost complete, with the securities regulator aiming for a launch on January 11th.

Bitcoin ETF Decisions Imminent

Proposals to list and trade 11 spot bitcoin exchange-traded funds (ETFs) were submitted to the U.S. Securities and Exchange Commission (SEC) on Friday, sparking speculation about the imminent approval of spot bitcoin ETFs by the securities regulator. According to Bloomberg, the SEC staff provided no additional feedback on the paperwork for several firms after the latest amendments. Form 19b-4, which proposes rule changes to allow spot bitcoin ETFs to be traded on stock exchanges, was used in these filings.

Amended Filings Submitted for All 11 Applicants

Analyst James Seyffart from Bloomberg shared a list on Friday, revealing that amended 19b-4 forms have been submitted to the SEC for all 11 spot bitcoin ETF applicants. He noted that all 11 of these bitcoin ETF filers are still awaiting approval. However, Seyffart also cautioned that while the approval process is nearing completion, it is not yet finished. Approvals on the amended filings are expected next week, followed by the effective status of the S-1 documents.

SEC Aims for January 11th Launch

Eric Balchunas, a senior Bloomberg ETF analyst, stated that the process is essentially complete and that the final S-1 documents are due on Monday. Balchunas mentioned that the SEC is trying to line everyone up for a January 11th launch. However, he emphasized the need for an official announcement from the SEC to confirm the approval. S-1 documents are crucial prospectus files for spot bitcoin ETFs.

SEC Commissioners to Vote Next Week

The SEC commissioners are expected to vote on the exchange-rule filings next week. Once the SEC approves the 19b-4 filings and issuers finalize their S-1 filings, spot bitcoin ETFs could potentially begin trading as soon as the next business day.

What are your thoughts on the potential approval of all 11 spot bitcoin ETFs by the SEC next week? Share your opinions in the comments section below.


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By: Kevin Helms
Sourced From: news.bitcoin.com/11-spot-bitcoin-etfs-inch-closer-to-approval-analyst-says-its-basically-done/
Published Date: Sat, 06 Jan 2024 14:30:24 +0000

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