Bitcoin ETF Approval Process Heats Up: SEC 'Busier Than Santa's Elves'

Bloomberg analysts have pointed out a key development in the latest meetings of SEC and ETF issuers ahead of the January approval deadlines.

What Happened: Bloomberg analyst James Seyffart in a recent X post reported that four of the 13 applicants for spot Bitcoin ETFs have had individual meetings with the SEC in the past few days. While BlackRock BLK met the SEC for the third time, Grayscale, GBTC Franklin, and Fidelity each had meetings last week.

While the SEC meeting memorandums did not have any specific change to the agenda, Seyffart highlighted that both the Division of Trading & Markets and the Division of Corporate Finance were present at each of these meetings.

He further explained that these two divisions have the authority to determine the approval or rejection of the 19b-4s and S-1s. Additionally, he suggests that while the final listing may not occur by January, it's highly likely that the approvals for the 19b-4s will be seen by this deadline.

Senior ETF Analyst for Bloomberg, Eric Balchunas stated that, “SEC is busier than Santa's elves.” He added that Rachel Aguirre, the head of all U.S. iShares, was present at BlackRock's third meeting.

Also Read: How BlackRock Is Opening Doors To Wall Street Banks For Indirect Asset Holdings

Why It Matters: Meanwhile, the SEC’s FY23 Agency financial report released in early November highlights that the Enforcement Division in 2024 will scrutinize activities involving crypto-assets amid the high volatility. It will also investigate the technological risks associated with the use of blockchain.

These factors highlight the SEC’s commitment to crypto regulation and potentially lay the foundation for continued enforcement activity.

Notably, this day 13 years ago Bitcoin creator, Satoshi Nakamoto disappeared after leaving his last message on the BitcoinTalk forum.

Price Action: Ahead of Wednesday's final FOMC meeting of 2023, the global crypto market cap is up 0.58% to $1.57 trillion. Bitcoin BTC/USD and Ethereum ETH/USD are up 1.2% and 1.0% respectively in the past 24 hours.

Read Next: Grayscale CEO Optimistic For Bitcoin ETF Approval Despite SEC Delay

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