The U.S. Securities and Exchange Commission (SEC) is nearing a decision on the approval of the inaugural spot Bitcoin exchange-traded fund (ETF) in the United States, expected to arrive in early January 2024 after several postponements. Ongoing meetings between the companies seeking approval and SEC officials indicate active discussions and potential adjustments to secure the green light, hinting at a possible imminent approval.
Should the ETF receive the SEC's approval, Bitcoin will be tradable on a major Wall Street exchange, significantly expanding its accessibility to a broader investor base with backing from renowned investment firms. However, a rejection might lead the investment manager to challenge the ruling, elongating the wait for U.S. investors and enthusiasts.
Anticipation surrounding the ETF has propelled open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) to $5.2 billion on December 6, nearing the all-time high during the bullish market in late October 2021. The surging open interest suggests the market gearing up for a potential price shift and increased volatility in 2024.
In other cryptocurrency-related news, HashKey exchange in Hong Kong is set to introduce market-making services, offering individuals and entities the opportunity to become market makers, providing liquidity on the exchange. Additionally, BlackRock's spot Bitcoin ETF has secured $100,000 in seed funding, while Société Générale issued its first digital green bond as a security token on the Ethereum blockchain. Meanwhile, U.S. cryptocurrency companies are expected to increase lobbying spending in 2023 compared to before the FTX collapse, according to a report by Open Secrets.
