The United States Securities and Exchange Commission (SEC) has commented on recently amended S-1 filings from spot Bitcoin ETF applicants, sparking concerns about a likely delay.
Perianne Boring, the CEO of Digital Chamber, a Bitcoin advocacy non-profit group, first hinted at the SEC’s return of comment on the S-1 filings.
?SPOT BITCOIN ETF UPDATE: The SEC just issued additional comments on pending applicant's S-1s. This is a delay signal.? #BitcoinETF #bitcoin
— Perianne (@PerianneDC) January 9, 2024
In Perianne’s assumption, this returned comment is another delay tactic from the Gary Gensler-led markets regulator, a development capable of dampening sentiment in the community.
The renewed hype surrounding Bitcoin spot ETFs helped Bitcoin regain its bullish traction after a short stint of drawdowns.
At the moment, Bitcoin’s price is trading at $46,831, up 6.64% in the past 24 hours. The market cap is also up by the same figure to $916,608,654,650, looking to clinch the $1 trillion mark. Meanwhile, trade volume has soared 76% to $41,472,990,818.
Dissenting Views from Market Experts
There is a high expectation that the SEC will approve at least one spot Bitcoin ETF product this week. In light of this, industry experts disagree with Perianne’s assumption that the market regulator is using a delay tactic.
While confirming the comments on the S-1 filings detailing the fee schedule presented by the applicants, Bloomberg Senior ETF Analyst James Seyffart believes these comments are a part of the process.
He claimed that the regulator’s moves are not out of the ordinary and that more amendments are bound to flow in as a result of this comment from the SEC.
1. This is true, comments came back on those S-1 documents with the fees that we all went crazy over this morning (this isn't out of ordinary)
2. Expect to see more amendments tomorrow because of this
3. That said — I don't think this is necessarily a delay signal https://t.co/o2m0lIBSct— James Seyffart (@JSeyff) January 9, 2024
He concluded by saying the move is not necessarily a delay signal as previously opined by Perianne. In follow-up comments, James Seyffart shared the brighter side of this race as he noted how rare it is to submit documents to the SEC and get a response the same day.
No Change of Plans by the SEC
Another crucial consolation came from Fox Business Journalist Eleanor Terrett who noted that based on sources, the SEC has not conveyed a change of plans at the moment.
According to Terrett, the sources are “fairly confident” that the latest comments from the SEC is part of the process to get everything sorted out before January 10th when the regulator is bound to take its vote.
Despite these confident claims, experts are still projecting at least a 5% chance of a spot Bitcoin ETF denial, further adding to the intrigue to see what the next steps the SEC will take
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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