Bitcoin ETF Issuers Clear Major Hurdle on Path to SEC Approval

Bloomberg01-06

Firms looking to launch spot-Bitcoin exchange-traded funds cleared a major hurdle this week on the path to gaining sign-off from US regulators in coming days.Securities and Exchange Commission staff ...

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RichDen
01-06
RichDen
Expected

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The staff had no additional feedback on the paperwork for several of the firms after the latest amendments, two of the people said.The documents are what are known as 19b-4 filings, which are proposals for rule changes on stock exchanges that will allow the ETFs to be traded. A flood of these updated documents were posted Friday evening, including for ETFs from BlackRock Inc., Grayscale Investments and others.The SEC commissioners are expected to vote on the exchange-rule filings next week, according to another person familiar with the process. Often, ETF approvals can be delegated to SEC staff without a vote by commissioners. It’s unclear if SEC staff had no additional feedback for all of the firms’ 19b-4 filings.The issuers also need the SEC to sign-off on the final versions of their S-1 filings, which are the prospectus documents for the ETFs. The SEC gave issuers a deadline of Monday at 8 a.m. Washington time to file updated S-1s, one of the people said. 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