- Eight to ten Bitcoin exchange traded product filings are currently under consideration by the US SEC, according to Chair Gensler.
- BTC price rallies this week, riding on the speculation that the US financial regulator’s approval for a spot Bitcoin ETF is imminent.
- SEC Chair Gensler says a potential five-member commission is likely to consider the filings, no commitment on timing.
Bitcoin (BTC) price rallied nearly 18% this week as market participants seem to be pricing in an upcoming approval of a BTC spot Exchange Traded Fund (ETF) in the United States. According to a Reuters report, the chair of the US Securities and Exchange Commission (SEC), Gary Gensler, said that the regulator is considering up to ten Bitcoin ETF applications.
Also read: “SEC is engaging with Ark Invest on Bitcoin ETF” says Cathie Wood; Bitcoin price to likely crash
US SEC continues to examine Bitcoin ETF filings
According to a recent Reuters report, there are eight to ten filings of Bitcoin Exchange Traded Products (ETPs) currently under consideration by the US SEC. Chair Gary Gensler mentioned that a five-member commission will potentially consider the filings, without prejudging the applications or committing to a deadline for the decision.
Until now, the US financial regulator has approved only Bitcoin futures ETF products. The possibility of a spot Bitcoin ETF approval has fueled hopes among traders, driving BTC price to more than $34,000 in the last week. The rising anticipation surrounding the spot Bitcoin ETF approval increased with asset manager Grayscale’s court win against the SEC and the fact that the US regulator didn’t appeal the court’s decision.
SEC Chair Gensler made no comments on the chances of an approval of any of these filings, emphasizing that the applications under consideration have various different filing dates.
Cathie Wood’s ARK Invest application is the first one being considered. Wood’s application expires on January 10, 2024, setting that as a deadline for the first ETF filings decision by the regulator.
Large financial institutions like BlackRock, Bitwise, WisdomTree, Fidelity and Invesco have lined up their spot BTC ETF applications, awaiting the regulator’s approval.
Approval chances of Bitcoin ETF at 90%: James Seyffart
James Seyffart, Bloomberg Intelligence ETF analyst, said that there is a 90% chance of approval of ARK’s Bitcoin spot ETF by the January 10 deadline. In a recent tweet, Seyffart said that the recent updates from Ark and 21Shares to their respective applications suggest there has been a “constructive conversation” with the SEC, leading to increasing chances of an approval.
I've gotten a lot of questions regarding my current view on Spot #Bitcoin ETFs over the last couple weeks. This is the first section of the note I put out yesterday with @EricBalchunas.
— James Seyffart (@JSeyff) October 13, 2023
TLDR: Our view hasn't changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
With investors largely pricing in a green light from the US regulator, the upcoming SEC decision on spot Bitcoin ETF applications has the potential make or break the current BTC price rally.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP gains as traders gear up for futures ETFs debut this week
XRP climbs over 3% on Monday, hovering around $2.33 at the time of writing. The rally is likely catalyzed by key market movers like XRP futures Exchange Traded Funds (ETFs) approval by the US financial regulator, the Securities and Exchange Commission (SEC), and a bullish outlook.
Bitcoin Price Forecast: BTC eyes $97,000 as institutional inflow surges $3.06 billion in a week
Bitcoin (BTC) price is stabilizing above $94,000 at the time of writing on Monday, following a 10% rally the previous week. The institutional demand supports a bullish thesis, as US spot Exchange Traded Funds (ETFs) recorded a total inflow of $3.06 billion last week, the highest weekly figure since mid-November.
Ethereum Price Forecast: ETH ETFs post first weekly inflows since February
Ethereum (ETH) recovered the $1,800 price level on Saturday after US spot Ether ETFs (exchange-traded funds) recorded their first weekly inflows since February.
Defi Development Corporation files to offer $1 billion in securities to boost its Solana holdings
Defi Development Corporation (formerly Janover) filed a registration statement with the Securities & Exchange Commission (SEC) on Friday, signaling its intent to offer and sell a wide range of securities, including common and preferred stock, debt instruments and warrants for the purchase of equity
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.