The Securities and Exchange Commission (SEC) has set a deadline of 29 December 2023 for the spot Bitcoin exchange-traded funds (ETF) applicants to finalize the filings. According to Reuters, the agency met the representatives of at least seven companies willing to get approval for a spot Bitcoin ETF and asked at least two to submit the final changes by the deadline. Representatives of Nasdaq and Cboe also attended the meeting.

Companies Want to Offer Spot Bitcoin ETF

The companies seeking the SEC's approval for the spot Bitcoin ETF include ARK Investments, 21 Shares, and Grayscale Investments. Blackrock, the largest asset manager in traditional finance, has also filed for endorsement for a Bitcoin ETF. The regulator has received around 13 applications for the authorization of the crypto instrument.

Earlier this month, Blackrock and Bitwise revised their filings to approve the spot Bitcoin ETF in response to the regulatory queries. A couple of weeks earlier, Grayscale also amended its application.

The Industry Is Optimistic

The SEC has been delaying or refusing its decision to approve a spot Bitcoin ETF for years now. It is now due to authorize or reject the ARK and 21 Shares proposals by 10 January 2024. Interestingly, the crypto industry players are optimistic that the regulator will sanction the spot Bitcoin ETF this time.

If approved, the spot Bitcoin ETF would be listed on stock exchanges, like company stocks, and retail investors can easily trade them using regular brokerage accounts without requiring a dedicated crypto exchange account. It is expected to ease retail investment into crypto and thus drive up the demand.

Although the type of application amendments sought by the regulator is not confirmed, earlier updates replaced non-monetary payments, making the redemption in cash. Furthermore, the SEC reportedly wants the filings to name the authorized participants (APs).