On Monday, many prospective Bitcoin ETF issuers submitted their amended S-1 forms to the US Securities and Exchange Commission (SEC).
The securities regulator has now sent its comments on the amended applications that were submitted and this has led to mixed reactions.
The reactions
Perianne Boring, the founder of the Chamber of Digital Commerce, the blockchain trade association, said that the move was yet another ‘delay signal’, but many others disagreed with this stance.
James Seyffart, the Bloomberg Intelligence analyst, said that this may not necessarily be the case. He said it showed that the SEC was turning things around quickly.
He also added that it had been unheard of to send the SEC a document in the morning and get comments on it on the same day.
He asserted that had the regulator wanted to delay, it would not have responded to the amended filings so quickly.
Someone familiar with the comments said that the prospective issuers had been asked to file updated documents on Tuesday, as some ‘minor details’ in the S-1 forms had been addressed by the comments.
Other journalists reported that the issuers who had gotten the additional comments were not concerned and that the stance of the SEC did not reflect a change of plans.
Therefore, reports indicated that Wednesday could see the approval of spot Bitcoin ETFs and more than one fund could be launched to start trading as early as Thursday morning.
Updated filings
The updated S-1 filings on Monday saw prospective Bitcoin ETF issuers get involved in a ‘fee competition’, as they were jockeying to disclose their fee structures that offer higher returns to investors.
In the last week, companies that are hoping to launch the first spot Bitcoin ETF in the United States have seen a flurry of activity.
Bitwise and VanEck are two prospective Bitcoin ETF issuers who revealed in their amended S-1 filings that they are seeding their respective ETFs with millions of dollars.
The market
On Monday, there was a surge in the price of Bitcoin, as optimism about the highly-anticipated investment vehicle finally launching also rose.
Analysts of Bloomberg Intelligence adjusted their estimate of the odds of a spot Bitcoin ETF being approved in this month to 95%.
However, it is important to remember that not everyone has the same optimistic stance regarding the approval of a spot Bitcoin ETF.
A series of tweets were posted by Gary Gensler, the Chairman of the SEC, in which he warned the public about the dangers of investing in crypto.
Posted on Monday, the tweets caused worries amongst some people, as it gave rise to the possibility that the SEC might block the launch of a Bitcoin ETF again.
Perianne Boring said that the SEC boss does not seem to be willing to go down without a fight and added that she hoped a spot Bitcoin ETF would be launched successfully this week.