SEC Sets Deadline for Finalizing Bitcoin ETF Applications
The deadline for Bitcoin ETF applications is Dec. 29, with SEC requirements focusing on cash transactions for early 2024 approvals.
Companies applying for aBitcoin exchange-traded fund (ETF) have only a few days left to complete their paperwork for the U.S. Securities and Exchange Commission (SEC). The deadline is December 29, as reported by Reuters.
On December 21, SEC officials met with representatives from companies like BlackRock, Grayscale Investments, and others, to discuss launching Bitcoin ETFs in 2024. Important stock exchanges like Nasdaq were also present.
The SEC made it clear that applications must be finalized by December 29 to be considered for early approval in January. Fox Business reporter Eleanor Terrett first announced this deadline.
The SEC has specific requirements for these filings. For example, they want applications to only involve cash transactions, not Bitcoin or other non-monetary options. They also require the names of authorized participants (AP) in the filings. According to Bloomberg analyst Eric Balchunas, having an AP agreement is a crucial step for approval.
So far, no company has an AP agreement, but seven have switched their models to cash-only. Despite this, experts believe the SEC might still approve the first Bitcoin ETFs by January 10.
