The US Securities and Exchange Commission (SEC) is rumored to be speaking to multiple spot Bitcoin ETF applicants at once, according to a 21st of December report.
FOX Business correspondent Charles Gasparino wrote on X:
“SPOON: [The SEC] has what is being described as a rare joint conference call with a potential “spot” [Bitcoin] ETF filers, as the closely watched decision looms over whether to give it or not [companies] the green light to sell access to crypto to small investors.”
Eleanor Terret, also a FOX correspondent, said that The call included ensuring that applicants committed to a cash creation model. Terret added that the SEC had ordered filers to “remove from their files any evidence of in-kind reimbursements.”
An in-kind model would enable certain Bitcoin transactions between ETF industry participants. Recent updates to BlackRock’s filings have already replaced in-kind listings with cash, but leave room for an in-kind model pending approval.
None of the parties involved have publicly confirmed the above call. Previously, the SEC has confirmed individual meetings, although not always immediately.
January 10 turns out to be an important date
The rumored conference could indicate that the SEC could soon rule on Bitcoin ETF applications on the spot. Many experts suggest this will happen by January 10, 2024.
FOX Business itself has supported expectations of an ETF approval in the new year. In a December 20 article, Gasparino and Terret wrote that sources close to several companies believe an ETF will be approved on January 10. Until now, the January deadline has largely been mentioned by members of unrelated companies and news sources rather than by members of unrelated companies and news sources. company insiders.
Most sources expect approval before January 10, based on public knowledge of a deadline by which the SEC must rule on an Ark Invest filing. Meetings between the regulator and numerous applicants, plus updates to filings, are also fueling optimism – especially given the SEC’s involvement with BlackRock, the most important of the current ETF applicants.
In addition, a legal ruling obtained by Grayscale requires the SEC to review (but not approve) the filing. This has also led to optimism.
Despite widespread expectations around approvals, the SEC could reject any filing in January. It has not approved any spot Bitcoin ETF so far.