The cryptocurrency market has been rocked by speculation surrounding the possible approval of a Bitcoin ETF (Exchange-Traded Fund) by the United States Securities and Exchange Commission (SEC).
This expectation has generated a significant increase in the price of Bitcoin, which soared more than 6% on the second day of the year 2024, exceeding $45,000 for the first time since April 2022.
However, despite the speculation and excitement in the market, uncertainty remains over whether the SEC will give the green light to the Bitcoin ETF any time soon.
Rumors say that the process of Bitcoin ETF may take longer than expected
FOX Business commentator Eleanor Terrett expressed doubt about the possibility of approval happening immediately, pointing out the unpredictability in the SEC’s decision-making process.
While the @SECGov is surely unpredictable, it would surprise me if approvals were to happen tomorrow.
From what I understand through conversations I’ve had with issuers, the SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on… https://t.co/CnkYdXsbD4
— Eleanor Terrett (@EleanorTerrett) January 1, 2024
Terrett noted that the SEC is still in the process of reviewing changes made to the S-1 forms recently filed by ETF applicants, suggesting approval may take longer than expected.
Additionally, the absence of SEC staff due to vacation could impact response time and processing of requests.
The lack of clarity on the response time from the SEC has generated speculation and uncertainty in the market.
Although there were rumors of a possible imminent approval, it has been suggested that the regulatory process and the amount of work pending could delay the decision.
Charles Gasparino, another FOX Business reporter, also shared information indicating that the SEC could delay the announcement due to the amount of work pending and the lack of communication on this issue from BlackRock, a prominent investment management firm.
The anticipation surrounding the approval of a Bitcoin ETF has generated excitement in the market, but doubts remain about the exact timing of the SEC’s decision.
Ongoing regulatory processes, the absence of SEC staff, and the amount of work pending in reviewing the submitted forms could influence how long it will take to approve this Bitcoin-linked financial product.
