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News - Companies "confident" about ETF adoption in early January
After several meetings between applicants and the SEC, insiders expect all Bitcoin ETFs be approved early this year.
Asset managers in the U.S. adamantly expect their spot Bitcoin ETF applications to be approved beginning January 2024, reports Fox Business.
According to the report, "sources close to the companies" said that the U.S. Securities and Exchange Commission (SEC) will give the "green light" no later than Jan. 10.
Fox Business senior correspondent Charles Gasparino also confirmed that the companies are "confident" of approval "after Jan. 8."
BREAKING Update on BTC Spot ETF: Firms believe @SECGov will rule after Jan 8; they feel confident the SEC will approve but with a twist; unlike normal ETF's you can only purchase shares with cash; SEC worried about ETF's being used as a vehicle for money laundering Story coming
— Charles Gasparino (@CGasparino) December 20, 2023
Therefore, the announced deadline would be the last day to approve the application of asset manager Ark Invest, i.e. Jan. 10.
In the In recent days and weeks there have been several meetings between the companies and the SEC. As a result, they filed further revisions to their applications.
These apparently related to the procedures for exchanging ETF shares. According to Gasparino, the SEC insisted on a "cash model" rather than an "in-kind model" because of concerns about possible money laundering.
In a cash model, providers hold the equivalent dollars as collateral in addition to the bitcoins purchased. However, this comes with tax disadvantages.
Most providers have now accepted this model, explained Bloomberg ETF analyst James Seyffart at X. According to him, there is "one to two days" or "weeks" between approval and the launch of ETFs.
Some providers are already starting to promote their ETF products. Asset managers Bitwise and Hashdex have published a total of three ads so far. Another sign that the approval of Bitcoin ETFs near.
