- Exchanges including Cboe BZX have requested that the SEC accelerate registration for several proposed spot bitcoin ETFs, indicating they aim to list them very soon.
- This acceleration request is seen as a sign that SEC approval of the proposed bitcoin ETFs could be imminent, potentially as soon as today.
- The cryptocurrency market is eagerly awaiting SEC approval of spot bitcoin ETFs, which is expected to catalyze further mainstream adoption of cryptocurrencies if approved.
The cryptocurrency market has been eagerly awaiting the potential approval of spot bitcoin exchange-traded funds (ETFs). Major exchanges have now taken the next step in the approval process by submitting formal requests to the Securities and Exchange Commission (SEC).
Exchanges Request Acceleration of Registration
The Cboe BZX exchange sent letters to the SEC on Wednesday requesting “acceleration of registration” for several proposed spot bitcoin ETFs. The proposed ETFs include the Invesco Galaxy Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, VanEck Bitcoin Trust, Franklin Bitcoin ETF, and the ARK 21Shares Bitcoin ETF.
“In order to facilitate timely listing, the Exchange requests acceleration of registration of these securities under Rule 12d1-2 of the Securities Exchange Act of 1934, as amended,” one of the letters stated.
This request to accelerate registration is seen as the latest sign that approval could be imminent. The cryptocurrency market widely expects the SEC to approve the dozen proposed spot bitcoin ETFs as soon as today.
Next Steps in the Approval Process
“This is essentially a request to list tomorrow,” said Bloomberg Intelligence analyst James Seyffart. “Was expecting this after close today. So this is early but still expected. This is a very late step.”
The SEC has not yet approved the proposed ETFs. However, the exchanges’ request to accelerate registration shows the endgame could be near.
The approval of spot bitcoin ETFs is seen as a potential catalyst for further mainstream adoption of cryptocurrencies. Many investors are eagerly awaiting the SEC’s decision, which is expected later today. The buildup has already led to increased volatility in the bitcoin price ahead of the announcement.
