Analysts are currently focusing on a potential timeframe for the endorsement of Spot Bitcoin exchange-traded funds (ETFs), identifying a window between January 5 and 10, 2024. Previously, the analysts’ November 17 deadline passed without any noticeable action from the Securities and Exchange Commission (SEC).
The deadline for Hashdex and Franklin Templeton ETF is anticipated to be between January 5-8. This aligns with the broader timeframe of January 5-10. During this period, approval for all twelve spot BTC ETF filings could potentially come to fruition.
This updated timeline dismisses any remaining expectations for a December approval, as recent SEC developments shift the odds to 2024.
Financial Advisors Poised for Spot Bitcoin ETFs Approval: Insights from Industry Experts
ETF specialist James Seyffart and his colleague Eric Balchunas persist in their forecast of a 90% likelihood of approval by January 10.
Financial advisors, eagerly awaiting the approval of Spot Bitcoin, stand ready to offer BTC access to their clients. Ric Edelman, the founder of Edelman Financial Services, a $250 billion asset management firm, underscores the significance of ETF approvals for financial advisors.
Edelman anticipates a surge in interest, noting that currently, 12% of advisors recommend Bitcoin, while 47% possess the asset.
Emphasizing the significance of Bitcoin ownership for advisors’ credibility, Edelman points out that advisors frequently face a dilemma. They grapple with the conflict of owning Bitcoin themselves but may hesitate to recommend it to clients, presenting a potential challenge.
Within the 47% of advisors who own BTC, there is a significant anticipation. Many of them eagerly await the availability of spot BTC ETFs. They are expecting approvals from compliance departments for this groundbreaking investment product.
SEC Discusses Grayscale’s Bitcoin Trust Transformation, Concedes in Legal Battle
In a recent communication, the US SEC disclosed that it engaged in discussions with Grayscale. These discussions occurred on Thursday and focused on the potential transformation of the Grayscale Bitcoin Trust into an ETF.
Initially opposing this transition, the regulatory body encountered legal challenges from Grayscale. However, the SEC ultimately conceded, resulting in Grayscale’s victory in the legal battle.
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