U.S. SEC votes on Bitcoin spot ETF next week

Author: Wall Street Insights

One ​​of the people familiar with the matter said: The SEC is expected to file a filing on trading rules next week Take a vote.

Generally speaking, S-1 documents are approved after 19b-4. Once both documents are successfully approved, the first Bitcoin spot ETF can begin trading as early as the next business day.

After the news was released, the price of Bitcoin rose by 0.7% in the short term, and then the increase fell back. As of press time, the price was US$43,812 per coin.

It is reported that companies including BlackRock, Grayscale and other companies released a large number of updates on Friday night. 19b-4 document. Two people familiar with the matter said SEC staff had yet to provide further feedback.

Normally, ETF approval can be delegated directly to the SEC without a vote, but the road to approval for a Bitcoin spot ETF is particularly bumpy.

In the past, Bitcoin spot ETFs submitted by the U.S. capital market have been rejected by the SEC many times. The main reasons were that Bitcoin prices fluctuated violently and market investors were insufficiently protected.

Last week, according to multiple media reports, discussions between the U.S. Securities and Exchange Commission (SEC) and asset managers hoping to list Bitcoin ETFs have advanced to In terms of technical details, more than a dozen large asset management institutions, including BlackRock, WisdomTree, and Valkyrie, are waiting for SEC approval. Spot Bitcoin ETF products may be launched in early January.

But then, digital currency financial services platform Matrixport analyst Markus Thielen pointed out in a report released on January 3 that the SEC is expected to reject all Bitcoin spot ETF proposal, final approval may come in the second quarter of 2024.

This news stimulated a sharp plunge in the price of Bitcoin, which once fell by more than 10% within 24 hours, falling below US$41,000 per coin.