- The SEC had reportedly yet to investigate the changes to the S-1 forms.
- Bitcoin broke above $45,000 and started 2024 strong.
Contrary to rumors, the likelihood of the US Securities and Exchange Commission (SEC) approving exchange-traded funds (ETFs) is linked to Bitcoin’s spot price [BTC] unlikely, according to Fox Business journalist Eleanor Terrett early this week.
“While the SEC is certainly unpredictable, I would be surprised if the approvals happened tomorrow,” Terett said in an interview X message on New Year’s Day.
Decision later in the week?
Apparently, the SEC had yet to investigate the changes to the S-1 forms. Recall that all the big names, including Grayscale and BlackRock, have filed their amended S-1 forms with the regulator to qualify for the “first wave” of potential approvals in January 2024.
For the curious, Form S-1 is the registration statement that the SEC requires domestic issuers to file to publicly offer new securities.
According to Terrett, the SEC would notify issuers of a date for filing final S-1s after this round of reviews. The agency would then make the ETFs effective within the next 24 to 48 hours. This if the regulator followed an approval deadline as in the case of Ethereum [ETH] futures ETFs.
The clarification comes three days after Reuters reportedAccording to sources, a decision on spot ETFs could be made early this week.
Please note that the final deadline for most applicants is in January. A decision on the joint proposal from ARK and 21 Shares will be made on January 10. Grayscale’s proposed conversion of its trust (GBTC) into an ETF was due to be decided on January 25.
How much are 1,10,100 BTCs worth today?
Bitcoin rises to $45,000 on New Year’s Day
But now or a few days later, market participants were still optimistic about the final outcome.
Bitcoin broke above $45,000, starting 2024 on a strong note CoinMarketCap. This was the first time since April 2022 that the king coin exceeded this key level.