According to FOX Business, the US Securities and Exchange Commission is supposedly in various talks with applicants for the Spot Bitcoin ETF before granting permits on January 10, 2024. According to circulating rumours, the SEC is ready to approve the first spot bitcoin exchange-traded fund (ETF) by the deadline. A number of applications are being consulted, it is assumed by Charles Gasparino, a FOX Business correspondent. The SEC is considering all relevant issues.
The redemption module has served as a cog in the wheel for applicants and regulators with regard to the proposed ETFs. While some applicants, like BlackRock, indicate that they are willing to make in-kind redemptions, the SEC is pressuring them to change their applications into cash redemptions. The SEC believes that any evidence of in-kind redemption needs to be removed.
Getting clarity on the ETF’s redemption module seems to be the last step in terms of group consent. Bloomberg’s ETF analysts have revealed that the SEC intends to approve numerous spot bitcoin ETF products at the same time.
The ongoing scrutiny surrounding the approval of ETFs has had a positive effect on Bitcoin’s value. Analysts predict that the capacity of companies like Fidelity, Franklin Templeton, BlackRock, and others to provide exchange-traded funds (ETFs) that invest directly in Bitcoin will draw a significant amount of institutional capital.
