Second Deadlines for Spot Bitcoin ETF in 23 Days, Will SEC Approve?

• The crypto community awaits SEC approval of Bitcoin spot ETF in the coming weeks.
• Influential figures have argued for the SEC’s eventual approval.
• Prominent institutional plan to fight fiercely for market share upon greenlight.

The crypto community is speculating that the Securities and Exchange Commission (SEC) of the United States will approve the first spot Bitcoin exchange-traded fund (ETF) within the coming weeks.

In a recent tweet, prominent crypto influencer Crypto Rover argued that the SEC chairman Gary Gensler has no option but to approve more than one of the Bitcoin spot ETFs that have been filed. In his words, “Gary Gensler will eventually have to approve Spot Bitcoin ETFs.”

Notably, Rover reached this conclusion based on the timelines available for the ETF application approval or disapproval. He highlighted that it is just 23 days from the second deadline for comments on multiple pending Bitcoin ETF applications. 

According to the image accompanying the tweet, the approaching deadline is for BlackRock, Bitwise, Wisdom Tree, Invesco Galaxy, Fidelity, Hashdex, VanEck, and Valkyrie applications. Specifically, the second deadline for the highlighted firms is between October 7 and October 19, 2023.

Meanwhile, the U.S. regulator has already delayed these pending Bitcoin ETF applications. In particular, the first deadlines for September have all elapsed without the SEC giving a green light or disapproval. 

Nonetheless, prominent figures in the financial industries have argued that the approval of a spot Bitcoin ETF is not a matter of if but a matter of when. Recently, Mike Novogratz, the CEO of Galaxy, argued during a conference call that the first Bitcoin ETF will surface within the next four to six months. 

He made the statement early last month. Novogratz added that upon the eventual approval, BlackRock and Invesco, alongside Galaxy, will compete fiercely to capture market share.