Tick-tock, tick-tock… Time passes and each new week brings us closer to the fateful date of January 10 which is supposed to be the deadline for responses from the SEC regarding most Bitcoin spot ETFs. In the meantime, comments and speculation are rife and today we learned that BlackRock and Bitwise have supplemented their request to the SEC with new information. A quick update on these administrative formalities.
BlackRock and Bitwise complete their initial request…
On December 4, two of the future (lucky) issuers of a spot Bitcoin ETF therefore filed with the DRY additional information following several times of exchange between the parties. BlackRock and Bitwise would have, according to sources close to these files, had discussions with the regulator which would have led them to amend the famous Form S-1.
So, for James Seyffartanalyst at Bloomberg Intelligence, ETFs are arriving en masse and, behind the scenes, things are getting organized:
“The SEC and these issuers are working hard to make things right. These deposits [S-1 amendés] are likely the result of many conversations and many hours of work on both sides. »
James Seyffart, analyst at Bloomberg Intelligence – Source: The Block
…In order to reassure the Security and Exchange Commission
In detail, we learn, for example, that in the file concerning BlackRock, it was a question of specifying the efforts that the company would make to monitor unusual price movementsbut also compliance with regard to the fight against money laundering. On this subject, a certified statement from PricewaterhouseCoopers was attached to the initial file.
We can also read that BlackRock is putting all the chances on its side by trying to show that it will only work with serious actors Of the industry. Extract :
“(We) will only interact with known third-party service providers in respect of which the (…) affiliates have engaged in a due diligence process to ensure a thorough KYC process. And this concerns authorized participants, market makers, brokers and Bitcoin custodian. »
BlackRock S-1 filing filed with the SEC – Source: The Block
Will this be the final adjustment to the file, the first version of which was submitted by Larry Fink’s firm in January 2022? Many analysts and observers do not envisage that the SEC will be able to once again reject all of the requests made this year, and 2024 should therefore be, by all logic, the year of the spot Bitcoin ETFs. Unless Gary Gensler and his teams take everyone on the wrong foot and shift the decision again. Response expected within a month.