The year 2023 has been challenging, with sleepless nights due to nightmares, but as 2024 approaches, excitement is keeping people awake. The crypto markets are on the cusp of a historic event with the potential approval of a Spot Bitcoin ETF, which could ignite institutional adoption globally and mark the beginning of a new era.
The Securities and Exchange Commission (SEC) has been working overtime, especially after the Christmas break, holding discussions with major exchanges like the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange.
According to FOX Business and insider sources, the SEC is moving towards approval. Meetings with the SEC are seen as a positive sign that the commission is close to approving some or all of the dozen applications for the product made by large investment managers and crypto firms.
Crypto investors are bracing for sleepless nights on Thursday and the early hours of Friday, awaiting critical employment and wage increase data that could influence Federal Reserve policy. More importantly, Friday is the day when the SEC is expected to notify potential issuers of their decision, allowing for listings to occur the following week.
Mainstream media, including WSJ, Reuters, Bloomberg, and now Fox Business, are all indicating that approval is imminent. Sources close to the process suggest that the SEC could start notifying issuers of approval on Friday, with transactions possibly beginning as early as the following week.
A spokesperson for the SEC stated that once a registration statement is declared effective, it will be reflected in EDGAR (the online filing system). The SEC’s 19b-4 orders will be published on their website and subsequently in the Federal Register.