Fidelity Investments has achieved a significant milestone in the cryptocurrency sector with the inclusion of its spot Bitcoin Exchange-Traded Fund (ETF) in the Depository Trust and Clearing Corporation (DTCC), identified by the symbol FBTC.
Furthermore, the trajectory leading to this listing has undergone close scrutiny by the U.S. Securities and Exchange Commission (SEC). Traditionally, the SEC has been cautious in approving spot cryptocurrency ETFs.
Notably, the SEC has consistently stretched its decision-making timeframe for these applications to its legal limits.
This cautious approach is clearly reflected in the SEC’s regular consultations with industry leaders. They engage in discussions with prominent entities such as BlackRock and Grayscale. However, during these consultations, intricate details of these financial products are thoroughly deliberated.
Spot Bitcoin ETF: SEC Decisions and Regulatory Developments
The anticipation surrounding the debut of spot Bitcoin ETFs has been palpable, particularly amidst the impressive surge in Bitcoin’s current valuation.
Investors and industry observers are anxiously anticipating the SEC’s decision on various ETF applications. Notably, attention is focused on the Ark 21Shares Bitcoin ETF (ARKB), which is scheduled for a final approval deadline on January 10.
Furthermore, recent actions by the SEC involve extensive deliberations on the regulatory framework with major issuers like BlackRock and Grayscale.
However, these discussions delve into the nuances of ETF models, focusing on the creation and redemption processes of ETF shares. Despite differing viewpoints, there is a growing consensus that these dialogues are laying the groundwork for future approvals.
Crypto Industry Update: 13 Issuers, Strategy Shifts, and Bitcoin ETF Delays
The industry currently features 13 potential issuers, some aiming to transform existing trusts or modify strategies for their Bitcoin ETFs. These issuers are seasoned participants in the crypto domain.
Moreover, many of them have previously launched products tied to Bitcoin or Ether futures. Additionally, they have ventured into the creation of broader ETFs within the cryptocurrency industry.
Notably, certain well-known entities like ProShares, recognized for their Bitcoin Strategy ETF (BITO), have yet to submit applications for a spot Bitcoin ETF.
This delay could stem from various factors, ranging from resource allocation considerations to strategic decisions regarding product offerings. As of the present moment, Bitcoin is valued at $43,513.
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