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SEC Approaching First Deadline to Approve Bitcoin ETFs: Law Decoded

SEC Approaching First Deadline to Approve Bitcoin ETFs: Law Decoded

The approval of spot Bitcoin ETFs by the SEC is expected to happen by November 17th, but the launch of these products may be delayed for at least a month after approval due to the two-step process involved. Issuers must obtain approval from the SEC’s Trading and Markets division on their 19b-4 filing and the Corporate Finance division on the S-1 filing or prospectus. Several firms, including BlackRock, are seeking approval for Bitcoin and Ether ETFs. In other news, the CLARITY Act of 2023 has been introduced to prohibit U.S. officials from engaging with Chinese blockchain companies, and 47 countries have pledged to implement the Crypto-Asset Reporting Framework by 2027. The European Banking Authority has proposed new guidelines for stablecoin issuers, including minimum capital and liquidity requirements.

Summary:

– Spot Bitcoin ETFs could be approved by the SEC by November 17th, but their launch may be delayed for at least a month.

– The approval process involves obtaining approval from the SEC’s Trading and Markets division and Corporate Finance division.

– BlackRock and other firms are seeking approval for Bitcoin and Ether ETFs.

– The CLARITY Act of 2023 aims to prohibit U.S. officials from engaging with Chinese blockchain companies.

– 47 countries have pledged to implement the Crypto-Asset Reporting Framework by 2027.

– The European Banking Authority has proposed new guidelines for stablecoin issuers, including minimum capital and liquidity requirements.

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