Today, the price of Bitcoin surpassed the $43,000 mark as Asian markets opened, buoyed by developments in Exchange-Traded Funds (ETFs). An update to the prospectus by BlackRock revealed the trading symbol for the ETF, indicating that approval could be imminent, which bolsters market optimism.
The U.S. Securities and Exchange Commission (SEC) has engaged in an unprecedented number of meetings with potential ETF issuers this month. Previously known for outright rejections, the SEC now appears to be more communicative. Recent file updates and discussions signal that approval could be on the horizon, fueling risk appetite among investors.
Bloomberg ETF expert James recently commented on the matter, noting that Hashdex held a meeting with the SEC on December 14th to discuss Bitcoin ETF applications. The presence of both the Division of Corporate Finance and the Division of Trading and Markets at the meeting was noteworthy.
The SEC’s increased engagement, especially following the court victory of GBTC, suggests that the regulator may feel compelled to approve an ETF. With deadlines approaching in early January, the critical decision from the SEC on crypto is expected either by January 9-10 or could come even sooner.
