Meanwhile, amid this uncertainty, several Bitcoin ETF applicants have adapted their models.
As you wait for the approval of the Bitcoin spot ETF in the United States is intensifying, signs of possible uncertainty in the regulatory horizon are emerging. The last movements of BlackRock in their update of the ETF have raised some concerns in the United States Securities and Exchange Commission (SEC).
According to analysis by experts such as James Seyffart and Eric Balchunas, the SEC may not be entirely comfortable with the change of “main execution agent” presented by BlackRock in its update on December 18. This modification, which replaces the previous term with a new one, has sparked questions about the SEC’s position regarding this alteration.
Seyffart, sharing his observations on this update, noted on his social media that the SEC might disagree with this alteration, raising questions about how the regulatory commission views this adjustment. The analyst expressed his opinion that the SEC may not be completely comfortable with BlackRock’s new appointment.
Bitcoin spot ETF: anxiety prevails in the market
Meanwhile, amid this uncertainty, several Bitcoin ETF applicants have adapted their models, some opting for a cash-only approach, following the guidelines required by the SEC. However, not all applicants have followed this route, raising questions about uniformity in submissions and could affect approval.
Despite these latest changes and potential regulatory discrepancies, Seyffart and Balchunas stand by their prediction that the SEC could approve a spot Bitcoin ETF in January 2024. This prediction remains strong despite the last-minute amendments and adaptations that applicants are trying to implement to meet SEC requirements.
Uncertainty remains over how the next steps will unfold and how different applicants will respond to regulatory expectations. The scenario becomes even more intriguing with the possibility that some may not be willing to adopt the cash-only model, which could delay their proposals.
Against this backdrop of expectation and constant change, the January 10 deadline is quickly approaching. Market observers are watching to see how these negotiations evolve and whether the SEC remains firm in its requirements, while analysts continue to bet on the approval of a spot Bitcoin ETF in the first months of 2024.
Source: Ambito
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