Negotiations between the U.S. Securities and Exchange Commission (SEC) and a spot Bitcoin exchange-traded fund (ETF) are in advanced stages. Since June 2023, a total of 13 asset management companies have applied to launch spot Bitcoin ETFs in the United States, including heavyweight financial companies such as BlackRock and Ark Invest. The SEC has been rejecting spot Bitcoin ETF applications over concerns about market manipulation, but has now begun asking for specific details, which are typically raised at the end of the ETF application process. At the same time, the frequency of meetings between the SEC and asset managers has increased from once every few months to once a week, and the level of personnel involved in the meetings has also increased, indicating the progress of the negotiations. While the cryptocurrency community is optimistic about Ark Invest’s filing, with the SEC expected to make a decision in January 2024, the SEC has not yet made it clear that it will approve it.
