- SEC instructs exchanges and issuers to submit final 19b-4 filings for Spot Bitcoin ETFs by the week’s end.
- S-1 prospectuses detailing ETFs await SEC approval, with a potential launch window aligning for January 11th.
- Critical decision on Ark Invest and 21 Shares’ ETF application set for January 10, potentially impacting the broader ETF landscape.
In a recent reported by Bloomberg on January 5, the U.S. Securities and Exchange Commission (SEC) has reportedly issued instructions to multiple participants in the Spot Bitcoin ETF space, compelling them to submit updated and final filings.
Sources close to Bloomberg reveal that the SEC has specifically directed both exchanges and issuers to present the final versions of their 19b-4 filings by the end of the week, with a suggested deadline of Friday.
Insiders familiar with the matter disclosed that some of these filings have received no further feedback from SEC staff following the latest amendments. However, ambiguity remains as to whether this lack of feedback pertains to filings submitted on the current day or versions that were previously presented.
The 19b-4 filings serve as crucial documents outlining rule changes essential for exchanges such as Nasdaq, NYSE Arca, and Cboe BZX to list and facilitate the trading of ETFs upon regulatory approval.
As anticipation mounts, reports from other reputable sources, including TechCrunch’s Jacquelyn Melinek and FOX Business’ Eleanor Terrett, hint at the possibility of exchanges submitting updated 19b-4 filings either on Friday or the subsequent Monday. As of now, no confirmed updates have been officially submitted.
The SEC’s approval process extends beyond 19b-4 filings, with final S-1 prospectuses, detailing the nature of the ETFs rather than exchange rule changes, still awaiting regulatory approval. Applicants submitted S-1 amendments leading up to the December 29 deadline.
Bloomberg’s ETF analyst, Eric Balchunas, not directly credited in the latest article, shared insights on the timeline for S-1 filings. Balchunas, in a January 5 X post, indicated that the final S-1 submissions from applicants are expected on Monday morning, aligning with the SEC’s efforts to prepare for a potential January 11th launch.
Bloomberg’s sources suggest a parallel timeline for exchange rule votes, with an insider noting that SEC commissioners are likely to vote on exchange rules in the upcoming week. If all goes according to plan, ETFs could potentially launch as soon as one day after the vote.
Of specific interest, the SEC is mandated to make a decision on an application from Ark Invest and 21 Shares on January 10. Approval of Ark’s ETF could pave the way for the simultaneous approval of various other pending applications, heralding a new era for Spot Bitcoin ETFs in the financial landscape.
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