The US Securities and Exchange Commission (SEC) is celebrating meetings today with major exchanges including Nasdaq, CBOE and NYSE.
The US Securities and Exchange Commission (SEC) is celebrating meetings today with major exchanges including Nasdaq, CBOE and NYSE.
The goal of these discussions is to finalize comments on 19b-4 filings made by Bitcoin (BTC) spot ETF issuers.
This step is crucial as it could pave the way for the long-awaited approval of Bitcoin ETFs.
Signs of a positive result
Eric Balchunas, Senior ETF Analyst, argues that the nature of these final meetings between the SEC and the exchanges is an indication of a possible approval of Bitcoin ETFs.
Balchunas notes that the SEC has engaged in a detailed and collaborative process with issuers to refine their 19b-4 filings.
This collaboration is a departure from the standard procedure of multiple submissions, indicating a more concerted effort toward a positive outcome.
Although some analysts such as Matrixport’s Markus Thielen predict a rejection of ETFs, Balchunas remains optimistic.
He notes that SEC staff, under the direction of Chairman Gary Gensler, have been working diligently with issuers, which could influence the decision in favor of approval.
A drop in the price of Bitcoin
As Guru-Investingreported, the cryptocurrency market experienced a shockwave today as the value of Bitcoin fell sharply to $41,454. The drop has been attributed to market anxiety over the possible rejection of the Bitcoin ETF proposals.
This drop is particularly notable as it coincides with the 15th anniversary of the Bitcoin genesis block.
Despite previous bullish forecasts, including a Matrixport prediction of a rise to $50,000 following the ETF’s approval, the market has reacted bearishly.
The approval of a Bitcoin spot ETF is considered a pivotal event that could significantly boost Bitcoin’s legitimacy in institutional portfolios and generate greater investment inflows.
