Bitcoin (BTC) investors are eagerly awaiting the first American Bitcoin Exchange Funds (ETF). The initial hope for approval suffered a severe setback today. But the actions of the regulatory authority contradict all negative expectations!
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SEC Holds Meetings with Bitcoin ETF Candidates
On the day a Matrixport analyst expressed his expectation that all ETFs will become obsolete, the Securities and Exchange Commission (SEC) held meetings with a number of exchanges. These exchanges are part of the issuance of the Bitcoin exchange products, provided they are of course approved.
Fox Business' Eleanor Terrett tells X that the SEC will hold meetings with Nasdaq, CBOE and NYSE. These exchanges, along with parties like BlackRock, submitted applications for the first American Bitcoin sports ETFs.
🚨SCOOP: The @SECGov is holding meetings with the stock exchanges today (@Nasdaq, @CBOE, @NYSE) to finalize the comments submitted by the 19b-4 $BTC Spot ETF issuers.
–Eleanor Terrett (@EleanorTerrett) January 3, 2024
The news is in stark contrast to the negative sentiment that seems to be prevailing in the market at the moment. Bitcoin price fell sharply after analyst statements suddenly took a negative turn. He now expects that all applications will be rejected.
“It looks like Bitcoin ETFs are close”
According to leading figures in the crypto space, this is good news. For example, Dan Held, a well-known Bitcoiner, wrote on X:
“Looks like Bitcoin ETF approval is imminent!”
BREAKING: “The SEC is holding meetings with exchanges today (@Nasdaq, @CBOE, @NYSE) to finalize the comments submitted by the 19b-4 $BTC Discover ETF issuers.” – @EleanorTerrett
Looks like that #Bitcoin ETF approval is imminent! pic.twitter.com/Aac5Dj7n6D
– Dan Held (@danheld) January 3, 2024
Reviewing an ETF application is a lengthy and bureaucratic process. So far, all previous applications for a Bitcoin ETF have always been rejected.
However, the outstanding applications are at an advanced stage. The SEC has already met with the issuers (and now the exchanges) several times. This leads many analysts to believe that things will be different this time.
The approval of a spot ETF is a positive development. A Bitcoin spot exchange fund must actually purchase Bitcoin if investors invest in Bitcoin through such a fund.
Additionally, it will become easier for retail and institutional investors to gain exposure to Bitcoin.
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