One lawyer has suggested that a spot BTC ETF could be approved as soon as Thursday during a special closed-door meeting at the SEC.
- Bitcoin’s price has run into a wall of resistance at $35,000 as the hype surrounding the potential approval of the first spot BTC exchange-traded fund has started to fade, but one lawyer thinks the market could be in for a surprise and has suggested that an approval could come within the next few days.
The document shared by Johnsson provides information on the upcoming closed-door meeting to review the Sunshine Act, which will include the “institution and settlement of administrative proceedings,” and the “resolution of litigation claims.”The reference to the launch of BITO has to do with the ProShares Bitcoin Strategy ETF , which was the first Bitcoin futures ETF and launched on Oct. 19, 2021. BITO was the fastest ETF to reach the $1 billion milestone following its debut.
Multiple spot BTC ETF applications have been amended in recent weeks in an effort to secure their approval, and analysts say it's only a matter of time before one is ultimately approved, which will open the floodgates for others to be listed. “Similar language to the Blackrock amendment re: seeding,” said Johnsson regarding the amendments to VanEck’s application. “Perhaps not too surprising given both issuers are represented by the same lawyers at Clifford Chance. Except here, instead of seeding with cash like iShares, Vaneck suggests they'll seed with Bitcoin.”
Johnsson noted that the conversation is highly speculative and personally thinks that a leak is unlikely. He also said he wasn’t aware of any other cases where an approval/disapproval order was leaked out ahead of time.
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