According to Bloomberg Crypto, it will be very soon when the U.S. Securities and Exchange Commission (SEC) needs to approve or deny a series of Bitcoin ETFs.
SEC may approve four Bitcoin ETFs in late October
However, these applications were filed in a format that may be preferred by the SEC. Earlier this year, SEC Chairman Gensler stated that Bitcoin ETF applications must be filed under the Investment Company Act of 1940 to protect investors.
Several Bitcoin futures ETFs were submitted this way. Among them were filings from Invesco, VanEck, and Mike Novogratz’s Galaxy Digital.
Source: Bloomberg
According to Bloomberg’s ETF expert, James Seyffart, he is pretty optimistic that these ETFs will be approved. Senior strategists at Bloomberg, Eric Balchunas (ETF), and Mike McGlone (commodities) are also positive that the ETF is likely to be approved by the end of October: dates for review are October 18, October 19, October 25, and January 11.
According to the Bloomberg article, the highest odds of approval are 50:1 for Galaxy Digital’s ETF and 20:1 for VanEck’s ETF.
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