March 27, 2024
Rapid Bitcoin ETF Updates Amidst SEC Interaction
Bitcoin News

Rapid Bitcoin ETF Updates Amidst SEC Interaction

BlackRock (BLK), VanEck, Invesco, Galaxy, ARK 21Shares, Grayscale, and other prospective issuers, totaling 13, are seeking to launch Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. The updated filings on Tuesday reveal that these entities, including Invesco and Galaxy, were recipients of comments from the U.S. Securities and Exchange Commission (SEC) within the past 24 hours. The SEC’s engagement is evident in the rapid exchange of filings and comments, notably addressing potential conflicts of interest and shareholder protection in case of insolvency.

Changes in the latest filings focus on mitigating damage to shareholders during insolvency and preventing conflicts of interest among the ETF’s authorized participants. Invesco and Galaxy have revised their filing, reducing the planned fee from 0.59% to 0.39%.

This dynamic interaction between the SEC and prospective issuers is unprecedented, with filings and responses occurring within a 24-hour timeframe. The SEC is anticipated to make decisions on these applications this week, with a deadline set for January 10, 2024. The upcoming decision is particularly significant for an application by Ark and 21 Shares, and there is speculation that the SEC may opt to approve all applications simultaneously to ensure fairness.

The filings and comments reflect the heightened anticipation and scrutiny surrounding the approval of Bitcoin ETFs in the U.S., as institutional interest in crypto continues to grow. The engagement between regulators and issuers underscores the importance of addressing regulatory concerns and aligning proposed ETF structures with investor protection measures.

Investors and industry observers are closely watching this development, as approval could mark a significant milestone for the crypto market, potentially opening up new avenues for mainstream adoption and investment. The outcome of the SEC’s decision this week will undoubtedly have far-reaching implications for the crypto industry in the United States.

Photo by Jonathan Borba

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