A source-based report by Reuters noted that the SEC could potentially reach out to the issuers next week. It indicates that a decision might come as early as Tuesday about their clearance to launch.
A potential spot Bitcoin approval, which is anticipated to be a transformative move for the cryptocurrency sector, involves several leading asset management firms. On Friday, applicants like Invesco Galaxy, WisdomTree, Fidelity, BlackRock, Valkyrie, and Bitwise updated their filings with the U.S. Securities and Exchange Commission (SEC) to launch spot Bitcoin exchange-traded funds (ETFs). These last-minute updates also raised expectations of an imminent decision from the SEC.
Industry insiders familiar with the process suggest that firms meeting the filing revision deadline could be poised to launch the ETFs the following week. This is a significant time, as the SEC’s deadline to approve or reject the Ark 21Shares ETF is January 10.
While the readiness of these firms to launch their products indicates a significant step towards crypto, there are critics.
Wall Street’s alleged control over Bitcoin price
Max Keiser, a crypto analyst and influencer with a major social media following, claimed in a post on X that the “13 Bitcoin cash-in, cash-out ETFs” are susceptible to manipulation by the Wall Street. He alleged that figures like Jamie Dimon would have control over Bitcoin’s price until more direct investors like Michael Saylor stepped in. However, his comments were met with skepticism within the crypto community, with some users quickly dismissing his understanding of ETFs.
Meanwhile, others believe the approval of Bitcoin spot ETFs could help in the legitimization and accessibility of cryptocurrencies. Additionally, more than one applicant on Friday disclosed Jane Street and JPMorgan as their Authorized Participants (APs). The crypto sector views the involvement of these banking and trading giants as a potential regulatory influence that could foster market stability while promoting innovation.
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