Is a Spot Bitcoin ETF Approval Close? Lawyer Hints a Possibility

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  • U.S.-based lawyer said an upcoming SEC closed-door meeting is scheduled for Nov 2. 
  • Johnsson said the meeting is significant given previous outcomes of similar meetings, especially as it concerns Bitcoin ETFs.
  • The lawyer said a similar meeting happened just before the first Bitcoin ETF in the U.S. was approved.

In a recent post on X (formerly Twitter), Scott Johnsson, a U.S.-based financial lawyer, raised speculations about a possible spot Bitcoin exchange-traded-fund approval by the U.S. Securities and Exchange Commission (SEC) by November 2, 2023. 

Notably, Johnsson posted that an upcoming closed-door meeting is scheduled for November 2. “I believe this is the first closed meeting of the Commissioners since the Grayscale appeal deadline expired and the mandate was delivered. The agenda includes resolving litigation claims and admin proceedings.” he tweeted.

Furthermore, Johnsson noted that the meeting is significant given previous outcomes of similar meetings, especially as it concerns Bitcoin ETFs. ProShares Bitcoin Strategy ETF (BITO), the first U.S. Bitcoin Futures ETF, got approved after a similar meeting. 

According to the lawyer, “There were leaks out of the closed meeting ahead of the BITO launch.” However, he said there is no assurance that any news will come out on November 2, but he maintains that it is a date of interest. 

This revelation follows increased speculation within the crypto community as to the chances of a spot Bitcoin ETF approval this year. Following the recent upward trend in the crypto market, the conversations have gained more ground, with the crypto market eagerly anticipating what decision the SEC will take. 

However, many people in the crypto community believe the SEC may have softened its approach towards ETF approval. Recently, the Wall Street regulator decided not to contest the U.S. Court of Appeals decision, which supported Grayscale’s bid to launch a spot Bitcoin ETF. 

The SEC has received multiple modifications from applicants like BlackRock, Fidelity, Ark Invest, and VanEck in recent weeks. Bloomberg’s ETF specialists feel that this is a good indicator that a Bitcoin ETF is on the verge of being approved while the SEC is attempting to get all applicants up to speed with the revisions.

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