The US Securities and Exchange Commission (SEC) is currently reviewing eight to ten applications for spot Bitcoin ETFs. This was confirmed by SEC Chair Gary Gensler, sparking speculation that approval may be imminent.
Gensler explained that these applications could potentially come before the five-member commission. He refrained, however, from providing a specific timeline or pre-judging the outcomes.
During the past week, Bitcoin experienced a rally, fuelled by speculation that SEC approval may be forthcoming. Financial services firm Cantor Fitzgerald indicated an increasing level of confidence that the applications would gain SEC approval.
Research analysts at Cantor, Josh Siegler and Will Carlson, shared their belief that the SEC is more likely to back the newly filed proposals. This is due to the inclusion of surveillance provisions in the refiled applications, which align with the SEC’s criteria.
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