KEY POINTS
- A possible timeline of SEC spot Bitcoin ETF approvals has surfaced online
- It discussed why it seemed impossible for the SEC to announce the approval this week
- Bitcoin was trading in the green zone at $45,802.79 in the early hours of Tuesday
The U.S. Securities and Exchange Commission is expected to make an announcement related to the highly anticipated spot Bitcoin exchange-traded fund (ETF) applications this week. However, according to a Fox Business journalist, the approval may not come this Wednesday.
While the SEC has until Jan. 10 to decide on ARK Invest and 21Shares' Bitcoin ETF, many speculate it could make a related announcement, particularly regarding the list of applicants included in the first wave of approvals this week.
However, Fox Business journalist Eleanor Terrett said on X that approval happening on Tuesday or Wednesday "seems tight."
The major Wall Street regulator needs more time to review all the changes the issuers made and give its comments on the spot Bitcoin ETF prospectus filed last week, Terrett shared.
"If the SEC follows a similar approval timeline to the ETH futures in October, the agency will, after this round of reviews, communicate to the issuers a date they want the final S-1s to be filed and make them effective in the subsequent 24-48 hours," she wrote.
The journalist noted that the SEC staff has been off since Friday, adding that "a Tuesday or even a Wednesday approval seems tight."
While the @SECGov is surely unpredictable, it would surprise me if approvals were to happen tomorrow.
— Eleanor Terrett (@EleanorTerrett) January 1, 2024
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… https://t.co/CnkYdXsbD4
Terrett's observation about the potential timeline of spot Bitcoin ETF approvals comes after a Reuters report claimed the SEC may inform hopeful issuers on Tuesday or Wednesday whether they are cleared to launch the crypto investment vehicle, citing people familiar with the filing process.
The report further said the timeline would provide applicants enough time to prepare for a Jan. 10 launch but did not mention the names of issuers that will be included in the first wave of approvals.
Bitcoin, the world's oldest and largest crypto asset by market capitalization, was trading in the green zone at $45,802.79, with the 24-hour trading volume up by 89.04% at $30.26 billion as of 4:51 a.m. ET on Tuesday.
Bitcoin's latest price action represents a 7.64% spike in its value over the past 24 hours and a 7.34% gain in the last seven days.
Data from CoinMarketCap shows that Bitcoin's current circulating supply stands at 19.59 million BTC and its market capitalization is at $897.85 billion.
