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SEC Approaching First Deadline to Approve Bitcoin ETFs: Law Decoded

SEC Approaching First Deadline to Approve Bitcoin ETFs: Law Decoded

Even if the United States Securities and Exchange Commission (SEC) gives the green light to spot Bitcoin exchange-traded funds (ETFs) by November 17, don’t expect them to hit the market for at least another month. The SEC’s approval is just the first step in a two-step process, with issuers needing further approval from the Trading and Markets division and the Corporate Finance division. However, it seems that progress is being made, as nine issuers have already communicated with the Corporate Finance division, and BlackRock has filed for an Ethereum ETF. In other news, U.S. Representatives Zach Nunn and Abigail Spanberger have introduced the CLARITY Act of 2023, which would prevent U.S. officials from engaging with Chinese blockchain companies. Additionally, forty-seven countries have pledged to implement the Crypto-Asset Reporting Framework (CARF) by 2027, and the European Banking Authority (EBA) has proposed new guidelines for stablecoin issuers, including minimum capital and liquidity requirements.

Summary:

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

– Issuers must go through a two-step process of approval from the SEC’s Trading and Markets division and Corporate Finance division.

– Nine issuers have already communicated with the Corporate Finance division, and BlackRock has filed for an Ethereum ETF.

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

– Forty-seven countries have pledged to implement the CARF framework for exchanging crypto tax data by 2027.

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

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