In a surprising twist of events, the SEC has issued additional comments on form S-1s of spot Bitcoin ETF applicants. The comments came not long after the prospective bitcoin ETF issuers submitted documents outlining the proposed fees for their products. The SEC’s prompt response to these latest filings has provoked mixed feelings with many feeling they’ve just deployed another delay tactic from their sleeves.
Could the SEC’s Additional Comments Be Another Delay Tactic?
Several industry dignitaries, influencers, and journalists believe something is fishy about the SEC’s prompt comments on the issuers’ form S-1s and that it may be indicative of a possible delay. Perianne Boring, Bitcoin advocate, and CEO of Digital Chamber of Commerce was one of the first conversation starters to call the move a delay signal.
“????SPOT BITCOIN ETF UPDATE: The SEC just issued additional comments on pending applicant’s S-1s. This is a delay signal.????,” wrote Boring.
Boring’s perspective on the additional S-1 comments didn’t sit well with the very enthusiastic and hopeful spot BTC proponents in her following – who accused her of spreading FUD (Fear Uncertainty and Doubt) – and causing investors to empty their bitcoin bags.
Amidst the uncertainty, other well-known voices in the industry have replied the rumors of a possible delay with more civility, stating that it’s a normal step in the approval process and means everything positive for the spot ETF approval.
Fox Business journalist Eleanor Terret, after speaking with some of the issuers, believes it’s just part of the process to set the stage ready and beat the January 10 approval deadline.
“Just spoke with a couple of people who received additional comments. They say they’re not worried and the @SECGov hasn’t conveyed a change of plans.
My sense is that they’re fairly confident this is just part of the process to get everything in before January 10th,” wrote Terret
Nate Geraci of ETF Store, who’s been an ardent observer and very outspoken about the process also believes it’s a necessary process that won’t affect the approval timeline.
“Re: additional SEC comments on prospective spot bitcoin ETF issuer S-1s…
“Comments addressed minor details… and should not affect the timeline for a potential approval by the regulator.”
Expect updated S-1s tomorrow,” said Geraci.
Bitcoin Hits a Walloping $47,000
While the industry awaits a potential ETF approval this week, BTC has maintained a healthy growth from the end of last year going into 2024. The gold of cryptocurrencies hit $47k around 8:55 PM UTC yesterday and is currently at $46,913 as of this writing. The industry awaits a favorable outcome from the SEC, which could push BTC to $250K or more.