The Long Road to Bitcoin ETF Approval

The Long Road to Bitcoin ETF Approval

The path to Bitcoin exchange-traded fund (ETF) approval in the United States has been a long and winding one. Despite the growing demand for a Bitcoin ETF, the approval process has faced numerous delays and setbacks. This article will explore the recent updates and predictions regarding the timeline for the approval of a Bitcoin ETF.

On January 5, TechCrunch reporter Jacquelyn Melinek provided an update on the expected timeline for spot Bitcoin ETF approvals. Initially, Melinek had hinted at the possibility of an approval on Friday based on information from her sources. However, she later revised her statement, stating that approvals could now happen the following week, without providing a definitive timing. Melinek attributed the delay to the extensive work being carried out behind the scenes, causing the government to move at a slower pace.

Melinek acknowledged the unpredictability of the approval process, noting that her expectations had changed based on new information. She emphasized that she had no control over the changing circumstances. This highlights the inherent uncertainty surrounding Bitcoin ETF approvals and the challenges faced by those closely monitoring the process.

Finalization of 19b-4 Filings

Melinek also mentioned that issuers are likely to finalize their 19b-4 filings on either Friday or Monday. These filings are essential for exchanges such as Nasdaq, NYSE Arca, and Cboe BZX to list each spot Bitcoin ETF. However, as of January 5, the U.S. Securities and Exchange Commission (SEC) had not made the relevant updates public on its national securities exchange page, leaving the industry waiting for further clarity.

Updated Predictions

Several high-profile commentators have also revised their predictions regarding the approval process. Eleanor Terrett, a Fox Business reporter, originally suggested a possible Friday approval but now expects an ETF to be approved next week. James Seyffart, a Bloomberg ETF analyst, who initially predicted approval by January 10, still anticipates potential approval orders in the coming week.

At the center of the Bitcoin ETF approval process is a joint application from Ark Invest and 21Shares, which the SEC must decide on by January 10. While there is a chance of rejection, many commentators believe that the SEC is likely to approve not only this ETF but also other applications. Optimism for approval stems from the extensive meetings between the SEC and ETF applicants, frequent amendments made by the applicants, and the involvement of major asset management firms like BlackRock and Fidelity.

The journey towards Bitcoin ETF approval in the United States has been marked by delays and uncertainty. Although recent updates and revised predictions provide hope for approval in the near future, the unpredictability of the process remains. Investors, regulators, and industry insiders continue to closely monitor the progress, eagerly awaiting the establishment of a Bitcoin ETF in the U.S. market.

Regulation

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