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- The SEC’s recent call with major Bitcoin ETF applicants like BlackRock and Fidelity signals a stronger likelihood of approval for the spot Bitcoin ETF, potentially by January 10th.
- This development has sparked speculation about a significant positive impact on Bitcoin’s price, raising expectations of a new all-time high in the near future.
The U.S. Securities and Exchange Commission (SEC) recently held a pivotal conference call with key stakeholders involved in the spot Bitcoin ETF applications, including industry giants such as BlackRock and Fidelity. This development is seen as a positive indication of the SEC’s openness to approving the Bitcoin ETF. Bloomberg cryptocurrency analyst James Seyffart has suggested that the official launch could be as early as January 10th, marking a significant milestone in cryptocurrency mainstream acceptance.
Critical Updates from Inside Sources
As I highlighted in my recent tweet, a significant development has occurred following the SEC’s comprehensive discussions with all Bitcoin ETF issuers. The key outcome is the mandate of a ‘Cash Creates’ policy, which could be a transformative step for future cryptocurrency ETFs.
🔥 Just In: 🇺🇸 #SEC Meets with ALL #BitcoinETF Issuers, Mandates 'Cash Creates' Only – Game-Changing Crypto ETFs on the Horizon! 💼
It's Official – Negotiating the Final Details for a #BTC and #XRP Revolution! 🚀💰 #Bitcoin
Learn more: https://t.co/HKPQKGtFpX
— Collin Brown (@CollinBrownXRP) December 22, 2023
In this article, I will discuss how the recent SEC developments could potentially drive Bitcoin’s price to skyrocket, focusing on the ‘Cash Creates’ policy and its implications for the crypto market.
Insights from the SEC’s Conference Call on Spot Bitcoin ETFs
During the conference call, the SEC and spot Bitcoin ETF applicants discussed the critical next steps. A prominent takeaway, as shared in a tweet, was the emphasis on ensuring issuers adhere to a ‘Cash Creates’ policy. This implies that issuers must convert their Bitcoin holdings into cash before trading shares of the ETF, a significant shift from the previous ‘in-kind redemptions’ approach.
🚨DOUBLE SCOOP: Sources that were on the call tell me it was to do with making sure everyone is doing cash creates. The @SECGov asked issuers to remove all hints of in-kind redemptions from their filings. https://t.co/hEjXBAHLpY
— Eleanor Terrett (@EleanorTerrett) December 21, 2023
Furthermore, James Seyffart provided an update on the current status of all applicants and their readiness for a Cash-Only model versus those still operating under a Cash or In-Kind framework. This shift could see major players like BlackRock and Fidelity updating their documentation swiftly, while others may lag.
Potential to Propel BTC to New Heights
Sources with intimate knowledge of the matter express confidence in a possible approval by January 10th, aligning with public knowledge of the SEC’s deadline. The anticipation of this approval could be a catalyst for Bitcoin’s price, potentially causing Bitcoin’s price to skyrocket and reach new all-time highs.
As reported earlier by CNF, there is growing optimism that Bitcoin could continue its upward trend into 2024, potentially surpassing $80,000 and setting new records. At the time of writing, Bitcoin’s price stands at $43,828.67, demonstrating resilience with a daily increase of 0.14% and a weekly rise of 2.69%.
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