The U.S. Securities and Exchange Commission (SEC) has set a deadline of December 29, 2023 for spot Bitcoin exchange-traded fund (ETF) applicants to complete their filings.。

According to Reuters, the agency met with representatives of at least seven companies willing to get approval for a spot bitcoin ETF and asked at least two companies to submit final amendments by the deadline.。Representatives of Nasdaq and Cboe also attended the meeting。

Companies looking to launch a spot Bitcoin ETF

Companies seeking SEC approval for a spot Bitcoin ETF include ARK Investments, 21 Shares, and Grayscale Investments。Blackrock, the largest asset manager in traditional finance, has also applied for approval for a Bitcoin ETF.。Regulators have received about 13 applications for authorisation of crypto tools。

Earlier this month, Blackrock and Bitwise revised their application documents to approve a spot Bitcoin ETF in response to regulatory questions.。A few weeks ago, Grayscale also revised its application.。

Industry attitude optimistic

The SEC has delayed or refused to approve spot Bitcoin ETFs for years。The SEC will now approve or reject the ARK and 21 Shares proposals by January 10, 2024.。Interestingly, participants in the cryptocurrency industry are optimistic that regulators will approve a spot Bitcoin ETF this time.。

If approved, the spot Bitcoin ETF will be listed on the stock exchange like a company's stock, and retail investors can easily trade using a regular brokerage account without the need for a dedicated crypto exchange account.。This is expected to ease retail investment in cryptocurrencies, driving demand growth。

While the type of application revision sought by the regulator has not been confirmed, an earlier update replaced non-monetary payments, making cash redemptions possible.。In addition, the SEC reportedly wants the names of authorized participants (APs) to be listed in the filing.。