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Bitcoin ETFs About to be Approved? The SEC Finally Reacts!

Tue 03 Oct 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Crypto regulation

Since Grayscale’s recent victory over the SEC, the potential approval of a Bitcoin ETF has piqued the hopes of the crypto community. A recent rumor on the matter seems to fan these hopes even further. However, it remains to be confirmed.

Logos of the SEC and bitcoin, the flagship crypto

SEC’s Response to Bitcoin ETF Applications

There is new information regarding the Bitcoin ETF applications that have been filed in waves with the SEC in recent weeks. According to unconfirmed reports from unofficial sources, the regulator has responded to these various ETF requests.

Specifically, the U.S. securities regulator is said to have replied to each of the applicants for Bitcoin ETFs. The SEC’s response reportedly came in the form of comments on their applications.

Furthermore, the American financial regulator is said to have held private meetings with the applicants. The agendas of these meetings and whether all applicants were involved are not yet known. It is presumed that these meetings relate to negotiations leading up to a potential approval.

For now, there is complete uncertainty about the truth of this development concerning the possible approval of a Bitcoin ETF. However, this uncertainty does not diminish the significance of this news, which, if confirmed, would be absolutely unprecedented in the crypto industry.

Bitcoin ETF: After previous rejections, the SEC reportedly held meetings with the applicants

A Historic Breakthrough!

This development, if confirmed, would be truly historic. It indeed changes the narrative surrounding the SEC’s usual stance on ETF applications. Up until now, the regulator has been known to staunchly oppose any such procedures.

This is the attitude that the SEC typically exhibits towards Bitcoin ETF requests when it doesn’t simply ignore them. Failing to respond within the required regulatory timelines for such procedures has been seen as a dismissive approach by many applicants.

It’s worth noting that this news has stirred quite a buzz online. On X (formerly Twitter), this development has excited several users. It essentially signifies, for once, that the SEC is not just stalling, as some have accused it of doing.

“The crypto world has been waiting for this moment. Let’s hope for a positive outcome for Bitcoin ETFs!” declared X user @AssureDefi. This might just be a sign that the regulator has no choice but to finally approve a Bitcoin ETF. A prospect that several analysts believe would be beneficial in bolstering the adoption of the flagship cryptocurrency, especially among institutional users.

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Luc Jose A. avatar
Luc Jose A.

Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.