SEC to vote on Bitcoin spot ETF next week

One person familiar with the matter said: The SEC is expected to vote on the filing of trading rules next week.

Typically, S-1 documents are approved after 19b-4 documents. If both documents are approved, the first Bitcoin spot ETF will begin trading the next business day.

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

According to two people familiar with the matter, BlackRock, Grayscale and other companies released a large number of updates to the 19b-4 documents on Friday night. However, so far, SEC staff has not provided any feedback on this.

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.

Bitcoin spot ETFs submitted by the U.S. capital market have been rejected by the SEC many times, mainly because of the violent fluctuations in Bitcoin prices and insufficient protection of market investors.

According to recent reports, discussions between the U.S. Securities and Exchange Commission (SEC) and several asset management companies have gone further and have involved some technical details. Currently, more than a dozen large asset management institutions, including BlackRock, WisdomTree, and Valkyrie, are waiting for SEC approval to launch physical Bitcoin trading funds (ETFs). It is expected that these products may be available in early January next year. This news makes investors full of expectations for the launch of Bitcoin ETF, because the listing of ETF will provide more investors with the opportunity to participate in the cryptocurrency market. However, there is still some uncertainty as to whether it can ultimately obtain SEC approval and the specific time for listing.

According to a report by Matrixport analyst Markus Thielen, the SEC is expected to reject all Bitcoin spot ETF proposals in January, and final approval may not wait until the second quarter of 2024.

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