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The U.S. Securities and Exchange Commission (SEC) has asked all spot Bitcoin ETF applicants to submit their final S-1 amendments by December 29th if they want to be considered for the first wave of approvals. Fox Business reporter Eleanor Terrett shared the update on her Twitter account.
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Confirming the date for final amendments to all S-1s by Friday the 29th. The @SECGov has told issuers that applications that are fully finished and filed by Friday will be considered in the first wave. Anyone who is not will not be considered. In addition, the filings cannot… https://t.co/syyINu1BEI
— Eleanor Terrett (@EleanorTerrett) December 24, 2023
She said that applications that are complete and filed by Friday will be considered in the first wave. Otherwise, they will not be considered. Also, the applications cannot mention physical creation; otherwise, they will be denied.
Applying Companies
- BlackRock
- Grayscale
- ARK Investments
- 21Shares
- At least seven other companies have submitted proposals for a spot Bitcoin ETF in the U.S.
This development came immediately after a meeting between representatives of the companies.
SEC Expected to Approve Bitcoin ETFs in Q1 2024
Based on the rhetoric coming out of the meeting, it looks like the SEC is likely to approve Bitcoin ETFs in the first quarter of 2024.
The SEC is currently reviewing the joint proposal from ARK and 21Shares. However, it will make a final decision by January 10, 2024. It has instructed firms to make final changes to their applications by December 29th. Also, it warned that those who do not meet the December 29th deadline will not be considered in the first potential approval wave, which is scheduled to take place in early January 2024.