In a recent development, bitcoin/blackrock-false-bitcoin-spot-etf/” rel=”nofollow noopener” target=”_blank”>Black Rock and three other issuers met with the divisions of the Securities and Exchange Commission (SEC) responsible for approving these bitcoin Spot ETF. This has sparked greater optimism that these funds are being bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year” rel=”nofollow noopener” target=”_blank”>approved in January.
BlackRock's third meeting with the SEC
in a mail shared on its X platform (formerly Twitter), bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year” rel=”nofollow noopener” target=”_blank”>James Seyffart, Bloomberg analyst revealed that BlackRock recently met with the SEC. He also noted that this was the third time the asset manager had met with the SEC in as many weeks.
BlackRock had previously met with the Commission to discuss its in-kind model, against which the regulator had reservations as it seemed to prefer the cash creation model. However, from the memo of the recent meeting (which was held on December 11), there was nothing to suggest that this was the focus of the discussion.
Meanwhile, Seyffart also mentioned that three other issuers recently met with the SEC. include Fidelitywho met with the Commission on December 7, while Grayscale and franklin met with the Regulator on December 8. It is worth mentioning that this is the second meeting Grayscale is having with the SEC.
Seyffart and his colleague Eric Balchunas continue to stand by their prediction that there is a 90% chance that a btc Spot ETF bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year” rel=”nofollow noopener” target=”_blank”>will be approved in January. After his recent post, he was once again asked about his stance. answered in the affirmative. However, he mentioned that this approval was for 19b-4 approvals and he was not sure when they would be listed.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-Spot-ETF-BlackRock-Three-Others-Meet-with-SEC-to" alt="Tradingview.com bitcoin Price Chart (Spot bitcoin ETF BlackRock)” width=”3266″ height=”1530″/>
btc price reclaims $41,000 | Source: BTCUSD On Tradingview.com
Why These Meetings Could Be Important for bitcoin Spot ETFs
In his publication, Seyffart highlighted the fact that both the Trading & Markets Division and the Corporate Finance Division were present at each of these meetings. This is important as these two divisions will ultimately decide whether these bitcoin Spot ETFs will launch or not. As such, this could suggest that both the SEC and these issuers are making progress.
So far, Seyffart and Balchunas have bitcoin/bitcoin-37000-spot-etf/#:~:text=bitcoin%20has%20risen%20above%20%2436%2C000,get%20approved%20by%20January%202024.” rel=”nofollow noopener” target=”_blank”>constantly hammered about the fact that the approval of the Spot bitcoin ETF that would likely come on January 10 is that of the Division of Trading and Markets. However, before these funds can launch and go public, they will still need to obtain approval from the Division of Corporate Finance, who will approve their S-1 filings.
There is a growing belief that the second approval could come shortly after the first. Scott Johnsson, a prominent attorney at Davis Polk, recently mentioned how the SEC could have withheld the S-1s until the 19b-4s were approved if they intended to “maximize the delay.”
However, considering that the The S-1s are already being filed and the Corporate Finance Division is already involved well in advance, that might not be the case.
Featured image from Coinpedia, chart from Tradingview.com
