There are now more than a dozen applications for Bitcoin (BTC) spot ETFs with the U.S. Securities and Exchange Commission. Unfortunately, not a single application has been approved yet as the deadline approaches. Nevertheless, an American investment bank is optimistic. According to the company, approving such an ETF is a “policy requirement.”
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“The arrival of Bitcoin exchange funds is a strict requirement”
Investment bank TD Cowen wrote this in a letter to investors, according to The Block. The bank not only expects the approval to be final, but that it will occur before January 10th.
Late last year, the various asset managers with pending ETF applications were told by the SEC that they would need to make some adjustments. After that, the deadline for a response from the SEC would be January 10th.
January 10th is fast approaching and is already next Wednesday. According to TD Cowen, the SEC must approve the funds as the policymaker wants to ensure that the US Parliament can regulate the crypto industry as a whole.
The SEC also does not want to lose another legal dispute over the approval of Bitcoin ETFs. In 2022, crypto exchange fund publisher Grayscale sued the SEC because the SEC refused to allow Grayscale to convert GBTC into a spot ETF. But last August, the SEC lost the case and was forced to reconsider the ETF application. If it rejected the ETFs, that would leave room for further lawsuits.
There is still a chance of rejection
TD Cowen is not the only optimist on this topic. According to an online betting platform, 89% of participants believe that the SEC will approve a spot ETF within two weeks.
But Matrixport market researcher Markus Thielen recently expressed a different picture. He expects the SEC will continue to reject all funds. In his opinion, the United States has no reason to approve the funds, which would give the impression that Bitcoin can be considered a serious investment.
A little later he emphasized that this was his personal opinion and not based on information from asset managers or the SEC.
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