The Securities and Exchange Commission (SEC) is reportedly overwhelmed with a large amount of paperwork as the deadline for the approval of spot Bitcoin ETFs approaches on January 10. According to journalist Eleanor Terrett, it is unlikely that a spot Bitcoin ETF will be approved due to vacations and work overload at the SEC. She believes that the SEC still needs to review all the changes made to the S-1s filed on Thursday/Friday and make comments on them. Crypto expert Scott Melker had hinted at a potential approval today, but Terrett believes it is unlikely given the tight timeline and recent time off for SEC staff. Additionally, there has been no communication from the SEC according to sources at BlackRock, and Terrett's sources suggest that an announcement towards the end of the week is more likely due to the amount of paperwork the SEC still needs to go through. If the SEC manages to approve ETF proposals by January 5, they would be slightly ahead of the expected schedule. Analysts previously predicted that the SEC would likely approve spot Bitcoin ETFs closer to the end of the deadline. The SEC has historically denied or delayed such ETFs due to concerns over market manipulation and investor protection, but after a lawsuit loss to Grayscale Investments, they began collaborating with firms to explore the possibility of bringing these funds to the market. Many believe that the SEC will approve multiple applications simultaneously to prevent any single firm from gaining a first-mover advantage.
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