This is the moment that the crypto industry has been waiting for a long time: the Security Exchange and Commission (SEC) approval of Bitcoin spot ETF. The SEC will likely announce the approval which will impact the crypto industry hugely. The SEC is set to decide whether to approve Bitcoin spot ETF on Jan 10th or to deny the approval. This will be the first time the SEC approves the Bitcoin spot Exchange-Traded Funds. This is set to significantly impact the crypto industry.
According to the latest report, the approval of Bitcoin spot ETF is leaning in the positive direction, the likeliness of this approval is 99%. Currently, every eye is on the SEC awaiting the 10th Jan deadline for approval. the financial industry is waiting for the green light from the SEC, this has raised high expectations and speculations from the crypto community, investors and the financial industry.
The SEC to Meet With Bitcoin ETF Applicants
According to the latest report from Fox Business, the SEC has called all the Bitcoin spot ETF applicants to hold a “rare joint conference” with the hopes of discussing further approval of the ETFs. according to the Fox Business Insider, the Security Exchange and Commission is set to approve the first Bitcoin spot ETF on Jan 10th. According to the Fox Business correspondent Charles Gasparino, on his Twitter account, he stated that the SEC government is holding a rare joint conference with spot Bitcoin ETF applicants on whether to issue green lights to the applicants to sell crypto assets to small investors.
Charles is positive that the SEC will rule in favor of approving the Bitcoin spot Exchange-Traded Funds (ETF). Moreover, Bloomberg’s senior ETF analyst commented on the news that they are concentrated on in-cash redemption since they are worried about money laundering. Earlier this week, BlackRock among the Spot Bitcoin ETFs applicants complied with the SEC rules and focused on filling the in-cash redemption.
What’s Next After the Approval?
January 10th is the final day on which the SEC will determine the fate of Bitcoin ETF and how it will impact the crypto industry. Investors, the crypto community and the financial industry have confident that the SEC will approve the ETFs and make history in the crypto industry. The Bitcoin spot ETF approval is a big deal to the crypto industry, this will mark the adoption of digital currency in the United States and traditional institutions. Moreover, traditional investors, retailers investors and institutions exposure to cryptocurrencies like BTC at a cheaper cost.
Approval of spot Bitcoin ETFs and the anticipated halving in the crypto industry is set to do wonders in the market. ETF will drive demand for Bitcoin by institutions which is set to create a huge cash inflow in the industry. Particularly, halving will ensure scarcity of Bitcoin, but, through ETF, individuals would access Bitcoin exposure at a lower cost thus impacting the market significantly.