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Major Exchange Push: Accelerated Registration Sparks Optimism for Spot Bitcoin ETF Approval

Nearing the Finish Line: Cboe BZX Exchange's Bold Move Signals Potential Breakthrough in Spot Bitcoin ETF Approval Process

In a notable development, the Cboe BZX exchange has taken a crucial step towards the potential approval of spot Bitcoin Exchange-Traded Funds (ETFs). On Wednesday, the exchange submitted letters to the Securities and Exchange Commission (SEC), urging the "acceleration of registration" for several proposed spot Bitcoin ETFs. The list of ETFs includes names such as the Invesco Galaxy Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, VanEck Bitcoin Trust, Franklin Bitcoin ETF, and the ARK 21Shares Bitcoin ETF.

Acceleration of Registration:

The letters to the SEC specifically requested the "acceleration of registration" under Rule 12d1-2 of the Securities Exchange Act of 1934, as amended. The purpose behind this request is to facilitate the timely listing of these securities, signaling a sense of urgency in the approval process.


The SEC's Role:

While the SEC has not granted approval for these funds yet, the recent move by the Cboe BZX exchange is a significant stride in the approval process. It suggests that the industry is edging closer to a potential green light for the proposed spot Bitcoin ETFs. The crypto market has been eagerly anticipating the regulator's approval for a slew of proposed funds, and this latest development adds to the growing optimism.

Early Signs of Progress:

Analysts, including Bloomberg Intelligence's James Seyffart, have noted that the exchange's request for "acceleration of registration" is essentially a plea to expedite the listing process. Seyffart mentioned in a post on X that while the move is earlier than expected, it aligns with the anticipated timeline. He described it as a "very late step" in the overall process, suggesting that the end game for the approval of spot Bitcoin ETFs could be drawing near.

Implications for the Crypto Market:

The potential approval of spot Bitcoin ETFs holds significant implications for the broader crypto market. ETFs are seen as a bridge between traditional finance and the crypto space, offering institutional and retail investors a more accessible and regulated way to gain exposure to Bitcoin. If approved, these ETFs could attract substantial capital into the crypto market, potentially driving further adoption and legitimizing digital assets in the eyes of traditional investors.

Conclusion:

The recent request by the Cboe BZX exchange for the acceleration of registration for spot Bitcoin ETFs is a crucial development in the ongoing efforts to bring these investment vehicles to market. While the SEC has not yet granted approval, the move indicates progress in the approval process and heightens expectations within the crypto community. As the industry eagerly awaits a decision from the SEC, the potential approval of spot Bitcoin ETFs could mark a significant milestone in the evolution of the crypto market.

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