The race to approve a Bitcoin Spot ETF is gaining ground in the United States. Faced with pressure from legislators, the SEC, the regulator of crypto markets, could well lift the suspense and make a final decision as soon as possible.
SEC cornered, lawmakers can’t wait any longer
Numerous requests for approval of a Bitcoin ETF are flooding into the crypto regulator. However, the SEC continues to prolong the suspense and American lawmakers can’t take it anymore. In fact, they ask him to make a decision quickly.
But, not everyone is so conciliatory, since Grayscale, which took the organization to court, demands rapid approval of its Bitcoin ETF. Following this, things may well be about to change, as the SEC shared comments with several issuers on their S-1 filings a few weeks ago.
According to messages by Eric Balchunas, Ark Investment has amended its Bitcoin Spot ETF prospectus. In all likelihood, these significant updates address the regulator’s concern regarding net asset value (NAV) calculations. According to the prospectus, the latter does not comply with generally accepted accounting principles.
As a result, the company founded by Cathie Wood had to explain that the assets of the trust and its custodians are separate from those of the clients and the company. Indeed, crypto assets are in different bitcoin wallets. In clearer terms, these changes suggest a positive step toward SEC approval, especially after Grayscale’s victory.
Crypto, the Bitcoin Spot ETF should soon see the light of day!
The SEC has a way of dragging out things that don’t work in its favor. But in the current case, there is a good chance that the crypto regulator will make a decision quickly. Indeed, Grayscale’s recent victory over the SEC has revived hopes for the approval of a Bitcoin Spot ETF.
According to analysts, there is a 75% chance that the body will make a positive decision this year and a 95% chance by the end of next year. However, Balchunas points out that there may still be further discussions needed on certain details.
Approval of a Bitcoin Spot ETF appears to be on the path to fruition. Indeed, the crypto community is optimistic and estimates a very high percentage. However, even though the SEC seems cornered, it is necessary to remember that it still holds the power. As a result, she could well experience an unpleasant surprise and delay her decision once again.
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