Jan 5th, 2024 – Today, Friday, January 5, 2024, marks a potential milestone for the approval of Bitcoin ETF, following an announcement by TechCrunch journalist Jacquelyn Melinek on Twitter/X. According to Melinek’s tweet, sources close to the matter suggest that the SEC is poised to approve the bitcoin spot ETF for multiple firms, including major players like BlackRock, Invesco, and Grayscale. This development follows applications from a total of 13 companies seeking to launch spot Bitcoin ETFs.
The ETF approval process involves two key steps:
- Firstly, companies seeking to launch a spot Bitcoin ETF undergo a 19b-4 filing, a form used to inform the SEC of the proposed rule changes necessary for introducing a new product. This step is needed because exchanges must outline rules governing trading and operations of the new product. SEC must approve the rule changes before the product can trade.
- The second step involves the approval of the S-1 filing, a document submitted to register the new security with the SEC. Each company filing for a spot Bitcoin ETF may have variations in how they structure their product. It is widely anticipated that once the 19b-4 filings gain approval, the SEC will subsequently accept the S-1 applications for all ETF applicants simultaneously, if they are satisfied with the provided documentation.
After recently being topped by BYD for the first time as the world largest seller of electric vehicles on a quarterly basis, Tesla is now facing other issues as it recalled 1.6 million EV in China, to fix its autopilot driver-assistance system and reduce the risk of collisions. Additionally, more than 7,500 Model S and Model X cars were recalled over concerns that during crashes, the noncollision side door will unlock. This news did not affect Tesla’s stock price, which has not suffered any from volatility.
Author: Filippo Ferrero