SEC Grapples with Significant Paperwork Amid Bitcoin ETF Decision Deadline

10 months ago 6

ARTICLE AD BOX

As the deadline for the spot Bitcoin exchange-traded fund (ETF) approaches on January 10, the United States Securities and Exchange Commission (SEC) is reportedly swamped with paperwork.

Despite the imminent deadline, BlackRock, an asset management firm vying for approval of a Bitcoin ETF, reports not having heard from the US regulator.

SEC Faces Growing Workload as Bitcoin ETF Decision Approaches

According to a recent report from Fox Business’ Charles Gasparino, BlackRock has not received any communication from the US regulator. This suggests substantial pending work before a decision is reached in just a few days.

“People at BlackRock say it’s radio silence from SEC, Eleanor Terrett’s sources say the amount of paper work the SEC still needs to go through make the announcement likely toward week’s end.”

Terrett further comments that with the New Year holidays and time off for US SEC officials, potential approvals in the next couple of days may face challenges.

“SEC staff has been off since Friday so a Tuesday or even a Wednesday approval seems tight. But we shall see,” Terrett stated.

Anticipation Builds for Imminent Bitcoin ETF Decision

Terrett declares that she doubts the decision for approvals will happen tomorrow.

“From what I understand through conversations I’ve had with issuers, the SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on them.”

BeInCrypto recently reported that the significance of the January 2024 deadline is profound.

With over ten Bitcoin ETF applications submitted, including those from industry giants like Fidelity, and Invesco, the SEC’s decision will have far-reaching implications.

The potential approval of these applications by the SEC will impact individual requests and establish a precedent for future financial products related to crypto.

This step is a key move towards wider Bitcoin adoption. Furthermore, a significant development in mainstream financial markets.