The U.S Securities and Exchange Commission (SEC) may approve spot market Bitcoin (BTC) exchange-traded funds (ETFs) as soon as next year, according to Bloomberg analysts.
Bloomberg financial strategists James Seyffart and Eric Balchunas say that the SEC’s recent proposal to expand the legal definition of “exchange” may mean the regulatory agency is ready to approve spot BTC ETFs sometime in 2023 after rejecting numerous requests during the last year.
As Balchunas says in a tweet,
“We think spot Bitcoin ETFs will get approved in early Summer 2023. The SEC is proposing to expand the definition of ‘exchange,’ which would bring crypto platforms under SEC [regulations]. After that (which could take a year) look for ETFs to get [the] green light.”
The SEC’s proposal would amend the Federal Exchange Act of 1934 to “include systems that offer the use of non-firm trading interest and communication protocols to bring together buyers and sellers of securities,” according to the filed document.
A spot Bitcoin ETF is a security that would track the price of a specific trust’s BTC holdings.
Though SEC Chairman Gary Gensler previously stated that the Commission would be friendly toward futures-based Bitcoin ETFs, it has yet to approve any untimed ones.
Since last year, the Commission has rejected bids from electronics-based stock exchange NYSE Arca, equities exchange Cboe BZX Exchange, US-based ETF provider VanEck and financial services giant Fidelity to create spot BTC ETFs.
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