TL; DR
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Today (Wednesday 10) is the day the Bitcoin ETF is expected to be approved.
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At the time of writing (Tuesday 9), nothing has been confirmed or denied. But there have been some positive signs since we last covered this topic.
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For example: Gary posted a wire on Twitter about “Some Things to Consider When Considering Investing in Crypto Assets.” Those who read the market’s tea leaves took this as a harbinger for the public ahead of the ETF’s launch.
Full story
So today (Wednesday 10) is the day on which the Bitcoin ETF is expected to be approved.
At the time of writing (Tuesday 9), nothing has been confirmed or denied. But there have been a few positive signs since we last covered this topic, such as:
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The SEC sent feedback to ETF applicants after hours on Monday (bureaucrats working after hours? That’s rare!). This could indicate a rush to get every application ready for approval as quickly as possible.
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Gary posted a wire on Twitter about “Some Things to Consider When Considering Investing in Crypto Assets.” Those who read the market’s tea leaves took this as a harbinger for the public ahead of the ETF’s launch.
Hopefully this will all be null and void by the time you read this!
(And the ETFs have already been approved!)
But just in case we’re still experiencing radio silence from the SEC, here’s some insight Dave Nadig by VettaFiThat should allay any concerns…
Speaking about the fact that the application of Ark Invest technically requires a hard “yes” or “no” from the SEC today, Dave said:
“I wouldn’t be surprised if we see this dribble into Thursday, Friday…
Maybe we’ll start trading [the ETF] next Tuesday/Wednesday.”
Pointing out that the SEC is known to have delayed these “final answers” for weeks, saying:
“It’s not like there’s a law that’s going to catch Gary Gensler and throw him in jail for missing a deadline.”
The takeaway:
The government is moving slowly even if it doesn’t happen today/this week/this month – looks like the SEC is gearing up to make it happen possibly.