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Potential Approval of Bitcoin ETFs by SEC Could Transform Market

Explore the potential approval of Bitcoin ETFs by the SEC and its implications for the crypto market. Understand the two-step process and the timeline for launch.
Published on 2023-11-13

SEC's Potential Approval of Bitcoin ETFs

The United States Securities and Exchange Commission (SEC) is on the verge of a significant decision that could reshape the cryptocurrency market. By November 17, the SEC might approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications. This includes the anticipated conversion of Grayscale Investments' Bitcoin Trust product into an ETF.

Launch Delay Post-Approval

Despite the possible approval by mid-November, the actual launch of these Bitcoin ETFs could take over a month. This delay stems from the intricate two-step process required to initiate an ETF. Approval is needed from both the SEC’s Trading and Markets division for the 19b-4 filing and the Corporate Finance division for the S-1 filing or prospectus. Nine of the 12 applicants have already revised their prospectuses, indicating active communication with the Corporate Finance division.

Broader Regulatory Developments

In related regulatory news, the CLARITY Act may potentially restrict U.S. officials from engaging with Tether’s parent company. Additionally, a global effort is underway, with 47 countries committing to exchange crypto tax data by 2027. In Europe, the European Banking Authority has proposed new guidelines for stablecoin issuers.

These developments underscore the dynamic nature of crypto regulations worldwide, highlighting the evolving landscape that market participants must navigate. The approval and subsequent launch of Bitcoin ETFs could mark a pivotal moment in the integration of digital assets into mainstream financial markets.

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