The Securities and Exchange Commission (SEC) has met with representatives from seven companies that are seeking to launch Bitcoin exchange-traded funds (ETFs). The SEC has instructed at least two of the applicants to submit final changes to their proposals by the end of next week. Companies like BlackRock, Grayscale Investments, ARK Investments, and 21 Shares were among the participants in the meetings. The SEC has set a deadline of December 29 for the final updates to be made, and any applicant failing to meet this deadline will not be part of the initial wave of potential approvals. It is expected that the SEC will approve several applications leading up to the deadline. The agency has previously rejected multiple applications for Bitcoin ETFs but recent developments suggest a growing inclination to approve some of the proposed ETFs. The SEC indicated that it could grant approval in the first few business days of 2024. Technical amendments and updates to the proposals, including fee information and initial capitalization, are expected to be made.
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