SEC May Approve Four Bitcoin ETFs in Late October: Bloomberg

SEC May Approve Four Bitcoin ETFs in Late October: Bloomberg

A recent Bloomberg article reminds the readers that the time approaches when the US Securities and Exchange Commission helmed by Gary Gensler needs to approve or reject a set of application filings for Bitcoin ETFs.

Four U.S. Bitcoin futures ETFs may be allowed for the first time, just weeks from today— Bloomberg Crypto (@crypto) October 8, 2021

However, these applications were filed in the format that may be favored by the SEC. Earlier this year, the SEC chairman Gensler stated that applications for Bitcoin ETFs must be submitted under the Investment Company Act of 1940 in order to protect investors.

Several Bitcoin futures ETFs were submitted this way. Among them were filings from Invesco, VanEck, Mike Novogratz’s Galaxy Digital, etc.

Bloomberg’s ETF expert James Seyffart stated that he is pretty bullish these ETFs will be approved. Senior strategists of Bloomberg, Eric Balchunas (ETFs) and Mike McGlone (commodities), are also positive that ETFs are likely to be approved in late October: dates for consideration are set for 18.10, 19.10, 25.10 and 1.11.

The highest odds of approval, according to the Bloomberg’s article, there are for Galaxy Digital’s ETF (50-1) and for VanEck’s ETF (20-1).