Issuers of spot Bitcoin (BTC) exchange-traded funds (ETF) have made significant progress toward regulatory approval.
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has provided positive feedback on key filings and requested no additional feedback on the paperwork for several applications.
The agency’s commissioners plan to vote on the exchange-rule filings this week. At least one applicant, asset manager BlackRock, reportedly expects the SEC to approve its application for a spot Bitcoin ETF on Wednesday, Jan. 10.
Last week, the SEC instructed multiple exchanges and issuers interested in listing these ETFs to submit a final version of a crucial document by Friday, Jan. 5.
Multiple reports cited how, following the latest amendments, the SEC provided no further feedback on the paperwork for several firms.
This development signals progress on the path to gaining regulatory approval in the upcoming days and paves the way for the launch of spot Bitcoin exchange-traded funds, which has been a goal for various companies, including BlackRock, Fidelity, Ark Invest, WisdomTree, VanEck, and Valkyrie.
There are currently a total of 14 asset managers hoping to win SEC approval for spot Bitcoin ETFs. The growing number of applicants and the recent improvements in their filings suggest a growing optimism about the approval process.
Analysts also predict that Bitcoin ETFs will overcome any potential hurdles, including challenges related to the cryptocurrency market’s activity, further indicating optimism about the approval.