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Only 3 Days Left to Update Filings for Early January Decision, Announces SEC to Spot Bitcoin ETF Applicants

Deadline for Spot Bitcoin ETF Applicants Set by the SEC

The U.S. Securities and Exchange Commission (SEC) has allegedly defined a cut-off date of Dec. 29 for applicants of spot bitcoin ETF to finalize their amendments to their filings. It’s reported that the SEC has informed spot bitcoin ETF contenders that applications that are fully updated and filed by this due date will be considered in the foremost wave of its spot bitcoin ETF resolution.

About the SEC’s Deadline

As per sources, the SEC conveyed to applicants of spot bitcoin exchange-traded fund (ETF) during discussions that took place over the last week, that they need to complete their amendments to their registration statements (S-1s) by Dec. 29 to be considered in the first round of decisions on spot bitcoin ETFs.

A journalist, Eleanor Terrett, disclosed on a social platform on the 24th of December, that the applicants were told to finalize all their amendments and file them by Friday the 29th. Applications that are not fully completed and filed by Friday will not be taken into consideration.

It was also pointed out that the SEC has underlined for the applicants that their spot bitcoin ETF filings should not make mention of the in-kind creation. Instead, they must advocate for the usage of cash creation. Any applications that mention in-kind creation will be turned down.

Notably, Blackrock, the planet’s largest asset manager, along with several other spot bitcoin ETF contenders, have vouched for the utilization of the in-kind model. However, failing to persuade the SEC with their revised in-kind model, Blackrock adopted the cash creation model in its latest amendment.

The SEC conducted meetings this past Thursday with representatives from a minimum of seven firms aspiring to launch a spot bitcoin ETF in the early part of next year. Among the key participants in these talks were Blackrock, Grayscale Investments, ARK Invest, 21shares, along with representatives from Nasdaq and Cboe, the exchanges where the spot bitcoin ETFs could be traded.

Executives from two companies disclosed that the regulator hinted during the meeting that approval could be granted during the first few business days of 2024. The applicants would be directly notified of the effective date when their requests for launching ETFs would be accepted. Jan. 10 is the first deadline in the next year for a decision on a joint spot bitcoin ETF proposal from Ark and 21shares.

Currently, 13 spot bitcoin ETF applications are pending at the SEC. Blackrock, for example, recently announced its plan to seed its spot bitcoin ETF with $10 million on Jan. 3. Many have the expectation that the regulator could approve multiple spot bitcoin ETFs simultaneously. Amid the escalating anticipation of spot bitcoin ETF approval, a warning about investing in cryptocurrency was given by SEC Chair Gary Gensler.

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Frequently asked Questions

1. What is the deadline for updating filings for the early January decision?

The deadline for updating filings for the early January decision is in 3 days.

2. Who announced the deadline for updating filings?

The Securities and Exchange Commission (SEC) announced the deadline for updating filings.

3. What is the purpose of updating filings for Bitcoin ETF applicants?

The purpose of updating filings for Bitcoin ETF applicants is to provide any additional information or changes related to their applications.

4. Are only Bitcoin ETF applicants required to update their filings?

Yes, only Bitcoin ETF applicants are required to update their filings.

5. Why is the SEC implementing this deadline?

The SEC is implementing this deadline to ensure that all information necessary for the early January decision is provided by the Bitcoin ETF applicants.

6. What happens if an applicant fails to update their filings by the deadline?

If an applicant fails to update their filings by the deadline, their application may not be considered for the early January decision.

7. Will there be any further opportunities for applicants to update their filings after this deadline?

It is unclear if there will be any further opportunities for applicants to update their filings after this deadline. Applicants should ensure all necessary updates are made within the given timeframe.