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SEC Holds Crucial Meetings with Stock Exchanges about Pending Bitcoin ETF Applications

The SEC is currently engaging with major stock exchanges including Nasdaq, CBOE, and NYSE regarding the multitude of Bitcoin ETF applications that await finalization and approval.

Form 19b-4 Filings Under Discussion

The SEC meetings are focused on finalizing comments on the Form 19b-4 documents that the Bitcoin ETF issuers had submitted. The Form 19b-4 is filed by exchanges and regulatory bodies to notify the SEC of proposed rule changes. In June 2023, Nasdaq submitted a Form 19b-4 seeking approval to list shares for BlackRock’s iShares Bitcoin Trust, inspiring similar ETF product filings.

Possibility of ETF Approval After Grayscale Lawsuit

The SEC has denied all prior Bitcoin spot ETF applications citing market manipulation concerns. However, SEC Chair Gensler has been prompted to reassess these applications after the SEC lost a lawsuit to Grayscale regarding Bitcoin trust regulations in August. Investment managers have noticed increased SEC engagement following the court case. Bloomberg analyst Eric Balchunas suggested that the SEC’s meetings with stock exchanges imply potential approvals in the near future.

Market Impact of ETF Speculation

Bitcoin’s value dropped to $42,000 on Wednesday partly due to speculation that the SEC might deny the ETF applications based on a Matrixport article. However, CBOE Digital president John Palmer anticipates that Bitcoin ETFs would attract new investments from pensions and IRA funds once approved.

Stay Tuned for Future Updates

Althalla.com will continue monitoring SEC actions regarding the pending Bitcoin ETF applications, and provide timely updates as more information emerges.

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