- The SEC faces a deadline today to approve or reject several pending spot Bitcoin ETF applications after over 10 years of waiting for such products.
- Yesterday, SEC’s Twitter account was hacked to falsely announce Bitcoin ETF approvals, causing price swings. Now Congress wants clarity on the breach.
- Analysts widely expect the SEC to begin approving Bitcoin ETFs today, with trading able to start as soon as Thursday morning.
The Long Road to a Bitcoin ETF
The crypto industry has waited over 10 years for the SEC to approve a spot Bitcoin ETF in the US. These products would allow traders exposure to Bitcoin without having to buy or custody BTC themselves. Major financial firms like BlackRock, Fidelity, WisdomTree and Grayscale have filed applications and made amendments this week to satisfy SEC comments.
Last Minute Drama Before the Deadline
In a chaotic turn of events yesterday, the SEC’s Twitter account was hacked to falsely announce all Bitcoin ETFs had been approved. SEC Chair Gary Gensler refuted the fake news, but Bitcoin still sank below $45,000. Now Congress has requested clarity on the security breach. Nearly $100 million in BTC options were liquidated during the turmoil.
The Anticipated Approvals
Despite the drama, confidence remains high that the SEC will begin approving Bitcoin ETFs today. Rules allow the SEC to delay decisions 240 days after receiving an application, but that window has closed for pending applicants. Now the SEC can only approve or deny. Most expect approvals this afternoon, with trading starting as soon as Thursday morning.