U.Today - Major investment firms Blackrock (NYSE:BLK), Ark, and Grayscale have been to have held meetings with the U.S. Securities and Exchange Commission (SEC) regarding their Bitcoin exchange-traded fund (ETF) proposals.
These meetings mark a crucial step in the process of potentially introducing Bitcoin ETFs to a broader market.
A string of high-profile meetings
The recent flurry of meetings between top investment firms and has stirred up considerable attention in the crypto community.Legal analyst Scott Johnsson commented on the high-profile nature of the participants, including representatives from Salm, Hall, and Zweihorn to underscore the importance of these talks.
Further, ETF expert Eric Balchunas also noted the frequent presence of BlackRock lawyers at the SEC.
This shows the intensity of the ongoing negotiations and the SEC's firm stance on specific regulatory requirements.
Mounting anticipation
The cryptocurrency community is eagerly awaiting the SEC's impending decision on Bitcoin spot ETFs, with the deadline now just under 20 days away. According to Anthony Scaramucci, the could be strategically made during the holiday season. The outcome of this decision holds considerable weight since it could lead to a substantial influx of billions of dollars into the burgeoning asset class.On the flip side, some analysts have warned of a substantial market pullback if the ETF is not approved.
Despite this caution, there is a strong belief in the likelihood of approval. Analysts, including those from Bloomberg Intelligence, are optimistic, estimating the spot-Bitcoin ETF market's potential growth to $100 billion.