The long-awaited Bitcoin ETF approval is around the corner. Looking at the SEC’s historical approval trends, a bitcoin ETF approval is predicted. The crypto market is optimistic related to the Bitcoin ETF Approval. People are saying that SEC was playing yesterday to see the trends and now it’s ready for the approval.
Let’s see what trends are happening regarding the ETF approval.
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Bitcoin ETF Approval Expected from SEC’s Historical Approval Trend
ARK21’s deadline has set the stage for a potential announcement of SEC approval for a spot Bitcoin ETF. Cathie Wood’s ARK, in collaboration with Swiss firm 21Shares, submitted a proposal to the US Securities and Exchange Commission (SEC) for a spot Bitcoin ETF named ARK 21Shares.
An update from QCP Capital suggests a likelihood of an announcement tonight, considering the expiration of ARK21’s deadline and the SEC’s historical pattern of approving all ETFs simultaneously.
ARK 21Shares Bitcoin ETF filed Form 8-A
The ARK 21Shares Bitcoin ETF filed Form 8-A with the SEC on January 4th, seeking registration of its shares as securities on the Cboe BZX Exchange. The SEC’s upcoming meeting on January 11 follows the deadline for approving or denying the proposal.
Despite numerous pending applications, the SEC has not approved a spot Bitcoin ETF for listing on a US exchange. If approved, ARK 21Shares’ ETF will be listed with a reduced fee of 0.21%, down four basis points from the initially proposed amount.
Voting for Bitcoin ETF Applications
The SEC’s approach to voting on Bitcoin ETF applications may involve a seriatim vote, allowing Commissioners to vote individually without convening a public meeting. SEC Chair Gary Gensler typically votes last in this process.
The agency has, at times, delegated authority to staff to avoid voting on crypto ETFs, a strategy aimed at conserving Commission resources. SEC Commissioner Hester Peirce has noted that initial denials of Bitcoin exchange-traded products often come from staff under delegated authority.
To conclude, Bitcoin ETF approval is suggested by looking at the SEC’s historic approval trends. The market’s optimism is the icing on the top. The approval is expected this month followed by a massive bull run as predicted by most analysts and traders.
What are your views on the ETF Approval?
Note: It’s a research based article not a financial advice.
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