What are the next steps for the Bitcoin ETF?

According to Bloomberg analyst Eric Balchunas, on Wall Street, the final stages of the initial phase of Bitcoin exchange-traded funds (ETF) are underway, with final revisions from asset managers expected on the morning of January 8.

The amendments must be submitted by 8:00 am Eastern Time or 13:00 UTC in S-1 filings, and must show outstanding fees and ticket applicants. BlackRock, for example, has yet to disclose fees associated with ETFs.

Integrated exchanges to trade crypto funds filed their 19-B forms after markets closed on January 5. Forms 19-b and S-1 together are the final steps before a decision by the United States Securities and Exchange Commission (SEC). The analyst explained to Cointelegraph.

The next step in the decision-making process may be a vote by the SEC commissioners. But nothing is on the Commission's public agenda before January 11, when markets anticipate the EFA's first meeting. According to Balchunas, the SEC may make its decision using the delegated authority policy:

“We are not even sure if they will vote. […] They may use something called delegated authority, but we don't know. It seems that there are three choices: either to vote or to exercise delegated authority, ie denying the past and having no vote, they must approve.

Balchunas predicts that most applicants will be approved next week or at least meet the regulator's requirements before December 29. The analyst also noted that Greyscale – Oversubscription Grayscale wants to convert Bitcoin trust to listed BTC. ETF – The first applicant can accept the decision after approval. I wouldn't be surprised if something was different with them.

Commenting on a Jan. 5 Better Markets letter — which said approving the ETF would be a “historic mistake” — Balchunas said “angry crypto is the last gasp of hatred.”

“I miss them […] And I give them more credit if they bring this up, it's the current ways one can buy crypto. Everyone can now buy crypto. It's not exactly the first time an ETF is making crypto available. […] I really don't think it carries much weight. I think it's just to put what they hate on the record.”

For the past ten years, the SEC has denied acceptance of spot BTC ETFs, citing potential volatility in the market. But, according to Bloomberg's James Seifert, the regulator “seems backed into a corner.”

Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.