The U.S. Securities and Exchange Commission (SEC) sets final deadline for Bitcoin spot ETF application companies: 12/29

According to Reuters, the U.S. Securities and Exchange Commission (SEC) has set an important final deadline for companies looking to launch a Bitcoin spot ETF. This is significant for the cryptocurrency market as the SEC's decision could usher in a new era in finance.

Countdown Begins: ETF Proposal Completion

According to Reuters, SEC officials recently met with representatives from over seven companies, including major players like BlackRock, Grayscale Investments, ARK Investments, and 21 Shares, to discuss the final adjustments needed for their spot Bitcoin ETF proposals, setting a deadline of December 29.

Reuters noted that missing this final deadline would mean elimination, barring participation in the approval race at the beginning of 2024.

Decision Time: January Verdict Imminent

All eyes in the financial world are on January 10, when the SEC will make a decision on the joint proposal from ARK and 21 Shares. This decision not only affects one proposal; it is expected to set the tone for several other pending proposals.

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Regulatory Approval Hurdles

Prior to reaching this milestone, the SEC has maintained a skeptical stance, rejecting multiple Bitcoin spot ETF applications due to concerns over market manipulation. However, the only approval so far has been for a Bitcoin futures ETF associated with the CME.

Until this year, a new shift has begun, with the SEC appearing poised to approve some of the 13 proposed Bitcoin spot ETFs.

Technical Adjustments and Preparation

In response, companies like BlackRock and ARK have updated their ETF proposals, incorporating changes recommended by regulatory bodies, such as the cash settlement mode.

Visualizing ETF｜SEC's preference for ETF cash settlement mode, how does it differ from the physical Bitcoin ETF proposed by BlackRock?

As the final deadline approaches, the question on everyone's mind is clear: will the SEC's decision open a new era for cryptocurrency investments? Time will tell us the answer, but one thing is certain – the financial world is on edge awaiting the outcome.