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SEC Hustles to Answer Latest Bitcoin ETF Filings: Source – CoinDesk

U.S. Securities and Exchange Commission officials told prospective issuers of Bitcoin exchange-traded funds (ETFs) that the companies would submit documents detailing fees for their proposed products, according to people familiar with the comments. I posted a comment just a few hours later.

The issuer is required to submit updated documents on Tuesday, the person said. The comments refer to minor details of his amended S-1 form, rather than material changes, and do not affect the timeline for potential regulatory approval. Issuers hoping to launch spot Bitcoin ETFs in the U.S., including BlackRock, Grayscale and Fidelity, announced their expected fees in filings early Monday.

James Seifert, a Bloomberg Intelligence analyst who has been closely tracking Bitcoin ETF filings, said: tweeted He said it is “unprecedented” for a filer to receive a same-day response from the SEC on an amended application.

Monday's comments indicate that SEC officials are still in talks with would-be ETF issuers, most of whom proposed creating a spot Bitcoin ETF last summer. The agency has a deadline of January 10, 2024, or this Wednesday, for one of the applications by Ark and 21Shares. Expectations have grown in recent weeks that SEC officials will approve the Spot Bitcoin ETF for trading in the U.S. after a flurry of amended filings by issuers reflecting conversations with SEC staff. Those expectations were further fueled by the filing of Amendment 19b by exchanges including Nasdaq, NYSE Arca, and Cboe BZX. The four documents on Friday were intended to match S-1 filings, another person told CoinDesk last week.

Both the 19b-4 and S-1 filings must be deemed valid by the SEC for the ETF to begin trading.

Bitcoin ETF proponents say the regulated financial product allows traditional financial institutions and everyday retail investors to invest in the world's oldest virtual currency without having to set up a wallet or deal with new financial structures. We hope that you will be able to touch the price of the currency. The SEC has so far rejected all Spot Bitcoin ETF applications dating back to 2013.

The Office has not yet publicly indicated how it will rule on the latest batch of applications, but the amount of feedback and revised applications it provides (not to mention the speed of response) suggests that more than a dozen cases will be decided. It has been suggested that a nearby application will be examined. Cleared for takeoff.

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