The crypto community is looking toward the Securities and Exchange Commission (SEC) regarding the possibility of approving the first BTC spot exchange-traded fund in the US.

Companies intending to operate the ETFs have been working around the clock over the last couple of weeks modifying their proposals ahead of the potential approvals.

While greenlighting the first Bitcoin spot ETFs is not guaranteed, reports have indicated that the SEC would be inclined to make the approvals to avoid possible lawsuits.

The agency has already suffered a related blow in a lawsuit against Grayscale, the largest digital asset fund manager. Grayscale sued the SEC for declining to approve the conversion of its Bitcoin Trust (GBTC) product to a BTC spot ETF and won the case.The fact that the agency did not appeal the ruling that gave Grayscale the node to seek regulatory approval for the spot ETF, implies that the approval is around the corner.

In a couple of reports, analysts at JP Morgan predicted that the SEC could give the first node within the next few months. The investment bank also warned that the SEC could face multiple lawsuits if it fails to approve the ETFs.

Bitcoin price flipped bullish around mid-October following fake news purporting that the SEC had approved an ETF proposal by BlackRock.

The largest crypto ascended above $30,000, lifting the rest of the market in the process. BTC achieved a new 2023 high slightly above $35,000 although it pulled back to test support at $34,000 ahead of the next breakout targeting highs above $30,000.