What comes next for the Bitcoin ETF?

The final adjustments for the launch of a spot Bitcoin ETF on Wall Street are underway, with asset managers required to submit their last changes by January 8 morning, as per Bloomberg analyst Eric Balchunas. These amendments, including remaining fees and tickers, should be filed in S-1 forms by 8:00 a.m. Eastern Time (13:00 UTC). For instance, BlackRock’s associated fees for its ETF are still undisclosed.

After the market closure on January 5, exchanges planning to list these cryptocurrency funds submitted their 19-b forms. These submissions, along with the S-1 forms, constitute the concluding steps before a decision from the U.S. Securities and Exchange Commission (SEC), according to Balchunas in a discussion with Cointelegraph.

The SEC’s next move might involve a commissioners’ vote. However, the commission’s public agenda shows no scheduled events before January 11, the expected date for the ETFs’ launch. Balchunas suggested the possibility of the SEC using its delegated authority policy for decision-making, noting that it’s unclear whether a vote will take place.

Most applications are anticipated to receive approval next week, especially those meeting the regulatory criteria set before December 29. Balchunas also mentioned that Grayscale, which aims to transform its over-the-counter Grayscale Bitcoin Trust into a listed BTC ETF, might receive its verdict post the approval of the first applicant. He expressed the likelihood of a distinct approach for Grayscale.

Responding to Better Markets’ January 5 letter, which labeled the ETF approval as a “historic mistake,” Balchunas dismissed it as the final outcry of a crypto critic. He argued that the letter fails to recognize that cryptocurrencies are already widely accessible, and an ETF wouldn’t be introducing crypto for the first time. He believes the letter doesn’t hold significant influence and sees it more as a record of disapproval of crypto.

Over the past decade, the SEC has consistently rejected spot BTC ETFs, citing market manipulation risks. However, Bloomberg’s James Seyffart believes the regulator is now “backed into a corner” regarding its decision on these ETFs.

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