SEC summons all Bitcoin
SEC summons all Bitcoin ETF applicants, demanding removal of in-kind buybacks
In a recent development, the United States Securities and Exchange Commission (SEC) is said to have summoned all applicants seeking approval for spot Bitcoin ETFs today. FOX business reporter Charles Gasparino has revealed inside information, saying that the SEC is holding a rare joint conference call with potential Bitcoin ETF applicants.
Revealing the SEC's evaluation criteria
During the conference call, the SEC was said to be emphasizing the importance of the cash generation model to the filers. FOX reporter Eleanor Terret reveals that the SEC has instructed filers to remove any mention of in-kind acquisitions from their filings. This strategic move ensures a clear commitment to a cash-centric approach.
Market experts are closely monitoring these developments, speculating that the joint conference call could signal an imminent SEC decision on spot Bitcoin ETF applications. Notably, January 10, 2024 has emerged as a key date, with industry insiders and sources suggesting that regulatory approval for a Bitcoin ETF is highly anticipated before this deadline.
Reflecting these expectations, FOX Business reported that sources close to various companies believe the ETF could be approved by January 10. This is consistent with public understanding of the deadlines relating to applications from Ark Invest. The SEC's active engagement with multiple filers and filing updates, especially with industry giant BlackRock, adds to the optimism surrounding the possibility of approval.
The legal ruling adds optimism despite historical trends
Separately, the legal ruling affecting Grayscale requires the SEC to conduct a review, though not necessarily to approve its ETF application. This ruling has brought further optimism to the market, suggesting a potential change in the SEC's approach.
