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- Fox Business reporter suggests that the approval of a Bitcoin Spot ETF early this week is unlikely to occur.
- The United States Securities and Exchange Commission must review the filed S-1 forms.
- The SEC is set to specify a final date, effective within 24-48 hours after this review.
Fox Business reporter Eleanor Terret has indicated that the approval of a Bitcoin spot ETF early this week is unlikely to occur. In a post on X, she asserted that the United States Securities and Exchange Commission (SEC) must review the filed S-1 forms.
Bitcoin ETF (TSX:EBIT) Approval
Terret explained that the SEC needs to review all the changes made to the S-1 forms filed and provide comments on them. She mentioned, “From what I understand through conversations I’ve had with issuers, the SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on them.”
According to Terret’s insights, the SEC is likely to inform issuers of a final date for filing Form S-1 after this round of review and make it effective within the subsequent 24-48 hours. This timeline mirrors the approval process observed for Ethereum futures last October.
Terret added, “The agency will, after this round of reviews, communicate to the issuers a date they want the final S-1s to be filed and make them effective in the subsequent 24-48 hours.”
Despite Terret’s optimism about the next two weeks being exciting for the crypto market, the broader crypto community appears less enthusiastic. Some members expressed skepticism, speculating that the SEC might delay approval and devise excuses. One member remarked, “I would think Gary would try to drag this out as long as he can, like he does with everything else.
“In contrast, Gabor Gurbacs, an advisor for the American investment firm VanEck, recently shared his long-term bullish outlook on Bitcoin ETFs. He noted that the ETF launch could initially trigger a net inflow of around $100 million in funds, predominantly from institutional investors, characterizing it as mostly recycled money.
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