In response to the breach, SEC Chair Gary Gensler swiftly clarified that the commission had not approved the listing and trading of spot Bitcoin ETFs.
According to the Valkyrie exec, the possibility of an ETH or XRP spot ETF is much higher especially since spot Bitcoin ETFs are likely to be approved.
The rise of ProShares Bitcoin Strategy ETF in the past year despite lacking direct exposure to Bitcoin indicates a huge demand for spot BTC ETF.
Spot Bitcoin ETF applicants have set low fees to attract fund advisors with experts highlighting that custodians will be forced to lower fees to remain competitive in the near future.
The applicants have quickly responded to the SEC’s comments on their S-1 forms, to ready themselves for possible spot Bitcoin ETF approval.
Observers disagree on whether or not the SEC adding comments on S-1 forms is a delay tactic, as spot Bitcoin ETF approval deadline approaches.
There has been speculation that BlackRock is looking to launch an Ether ETF after the Bitcoin one is approved and this could bring even more benefits to the industry.
BlackRock and VanEck have seeded their ETFs with $10 million and $72.5 million, respectively, with Bitwise planning a whopping $200 million.
Applicants have submitted final S-1 amendments for proposed spot Bitcoin ETF approvals expected from Wednesday.
US SEC is expected to greenlight the first spot Bitcoin ETF this week, opening the door for a possible $10 billion inflow in 2024.
The financial regulator began issuing warnings against FOMO in January 2021 amidst a soaring crypto and equities bull market.
It is believed that the approval of a spot BTC ETF could potentially drain the entire circulating supply of the crypto asset but some analysts in the industry have opposite opinions.
The approval of spot Bitcoin ETFs could signal a growing acceptance of cryptocurrencies within traditional financial circles.
Grayscale and VanEck, alongside other firms, have submitted Form 8-A to the SEC, marking a significant move towards potential approval of the first spot Bitcoin ETF in the US.
Recent meetings of major exchanges, including NYSE, Nasdaq Composite, the Chicago Board Options Exchange, and the SEC have sparked speculation about the timing and potential approval of a spot Bitcoin ETF.