The United States Securities and Exchange Commission (SEC) is dealing with a significant backlog of paperwork as the highly anticipated deadline for Bitcoin Exchange-Traded Fund (ETF) approval approaches.
Despite the administrative hurdles, the market is cautiously optimistic about the prospect of a Bitcoin ETF.
Concerns have been raised about the SEC’s ability to process the extensive paperwork promptly as the deadline approaches.
Eleanor Terrett, a FOX Business journalist, expressed skepticism about an immediate approval, citing the SEC’s unpredictable nature.
However, the recent 7.12% increase in Bitcoin’s price indicates that the market is optimistic about a positive outcome.
Scott Melker, a crypto expert, speculated that the ETF could be approved on January 2. Terrett, on the other hand, drew parallels with the SEC’s approval of Ethereum futures in October, recognizing the SEC’s tighter timeline.
Another FOX Business reporter, Charles Gasparino, speculated that the SEC might postpone the announcement until the end of the week due to their workload.
If the SEC approves proposals from major firms such as BlackRock and Fidelity by January 5, it will be slightly ahead of popular expectations.
Bloomberg analysts predicted approval between January 8 and 10, which corresponded to earlier expectations in the crypto community.
Despite the uncertainty surrounding the SEC’s decision-making timeline, the recent surge in Bitcoin’s price reflects market optimism.
Investors and enthusiasts alike are keeping a close eye on developments, anticipating the potential approval of a Bitcoin ETF, which could have significant ramifications for the cryptocurrency landscape.