Early this morning, Bitcoin briefly surpassed $47,000, rising nearly 5% in the past 2 hours. This once again broke the record for the highest price level since the FTX scandal. At the same time, it drove Ethereum to break through $2,300, and the total market value of cryptocurrencies on the entire network has risen to $1.81 trillion, with a 24-hour increase of 5.78%. In the past 12 hours, the entire network has liquidated $102 million, including $21.794 million in long positions and $79.961 million in short positions.

Meanwhile, according to CNBC, former chairman of the US Securities and Exchange Commission (SEC), Jay Clayton, said in an interview that approving a Bitcoin spot ETF is inevitable. When asked about what might happen this week, Jay Clayton said, "There is nothing to decide. This is not only a big step for Bitcoin, but also for the entire financial industry."

Market and industry veterans have expressed their opinions on the approval of Bitcoin spot ETF in their own ways. It has become almost a consensus that the SEC will approve the Bitcoin spot ETF. BlockBeats has compiled the relevant information into a timeline for readers to understand the approval process of the Bitcoin spot ETF:

2024 Year

January 9th

Fidelity selects Jane Street and Cumberland as authorized dealers for Bitcoin spot ETF

According to Bloomberg, Fidelity Investments has chosen Jane Street and Cumberland DRW as authorized dealers for its Bitcoin spot ETF, provided that the ETF receives regulatory approval.

The US SEC issues supplemental comments on the S-1 filing of the Bitcoin spot ETF applicant

Founder and CEO of the Chamber of Digital Commerce, Perianne, posted on social media that the US Securities and Exchange Commission (SEC) has just released supplemental comments on the pending applicant's S-1 filing.

Bloomberg ETF analyst James Seyffart confirmed the news and said that there will be more amendments tomorrow, but does not believe that the supplement is a signal of delay. This actually shows the speed at which the SEC handles these transactions. (Multiple Bitcoin spot ETF applicants) submitted documents to the SEC in the morning and received comments on the same day, which is almost unheard of.

BlackRock submits its application for a Bitcoin ETF securities registration to the US SEC

According to The Block, BlackRock has submitted a securities registration application for its Bitcoin spot ETF, the iShares Bitcoin Trust, to the U.S. Securities and Exchange Commission (SEC) on Form 8-A.

WisdomTree Bitcoin Spot ETF with code BTCW has been listed on the DTCC website.

The Bitcoin spot ETF "Wisdomtree Bitcoin Trust" (code BTCW) launched by asset management company WisdomTree has been listed on the DTCC (Depository Trust & Clearing Corporation) website, with the Create/Redeem column showing as N.

VanEck Bitcoin Spot ETF with code HODL has been listed on the DTCC website.

The Bitcoin spot ETF "VanEck Bitcoin Trust" (code HODL) launched by the asset management group VanEck has been listed on the DTCC (Depository Trust & Clearing Corporation) website, with the Create/Redeem column showing as N.

The US SEC confirms receipt of proposed rule change amendments from multiple Bitcoin spot ETF issuers.

According to The Block, the US Securities and Exchange Commission (SEC) has confirmed receipt of proposed rule changes for Bitcoin spot ETFs from institutions including Invesco Galaxy, Valkyrie, Franklin, Ark 21Shares, Fidelity, VanEck, Hashdex, WisdomTree, and Bitwise.

BlackRock has injected a $10 million seed fund into its Bitcoin spot ETF.

According to the revised S-1 form, BlackRock has injected a $10 million seed fund into its potential Bitcoin spot ETF.

VanEck will provide $72.5 million in seed funding for the pending Bitcoin spot ETF

According to the updated S-1 filing by VanEck, the company will provide $72.5 million in seed funding for a pending Bitcoin spot ETF.

Pantera Capital is preparing to invest $200 million in Bitwise's pending Bitcoin spot ETF.

According to the updated S-1 document from Bitwise, the company has injected a $500,000 seed fund into its potential Bitcoin spot ETF. If approved, Pantera Capital is interested in injecting $200 million into the ETF.

However, the statement comes with a disclaimer, stating that it is only for interest and does not have legal binding force.

January 8th

Valkyrie 提交比特币现货 ETF S-1 更新文件 Translation:

Valkyrie submits Bitcoin spot ETF S-1 update documentAccording to the SEC website, Valkyrie has submitted an updated S-1 filing for its Bitcoin spot ETF, with the fee structure remaining at 0.8%. It is reported that the SEC has requested ETF issuers to submit S-1 amendments by 8am local time today.

WisdomTree submits Bitcoin spot ETF S-1 update

According to the SEC website, WisdomTree has submitted an updated S-1 filing for its Bitcoin spot ETF, which includes a fee standard of 0.5%.

World Funds Trust has submitted an application to the US SEC for six leveraged ETFs based on Bitcoin spot prices.

According to the file, these ETFs all use the unreleased iShares Bitcoin ETF as the initial reference ETF, but reserve the right to use other Bitcoin ETFs. World Funds Trust is an open-end management investment company formed as a Delaware statutory trust on April 9, 2007.

Insiders: JPMorgan is in talks to become an authorized participant in Grayscale's proposed Bitcoin ETF

Grayscale submits its securities registration application for a Bitcoin ETF to the SEC

Grayscale has submitted its Bitcoin spot ETF's securities registration application to the SEC. Note from BlockBeats: The 8-A12B form submitted by Grayscale is also known as the registration form for securities listed on national exchanges. According to Section 12(b) of the Securities Exchange Act of 1934, this form is required.

VanEck has submitted a securities registration application for its Bitcoin ETF to the SEC.

VanEck has submitted its securities registration application for a Bitcoin spot ETF to the SEC.

January 3rd

SEC is holding a meeting with exchanges today to finalize the decision on Bitcoin spot ETF

Fox reporter Eleanor Terrett posted on social media that the SEC is holding a meeting with exchanges (Nasdaq, Chicago Options Exchange, NYSE) today to finalize comments on the 19b-4s submitted by the Bitcoin spot ETF issuer.

January 2nd

According to Fox Business reporters Eleanor Terrett and Charles Gasparino, while the SEC's actions are difficult to predict, considering that the SEC still needs to review and comment on the S-1 forms submitted last Thursday and Friday, it is unlikely to be approved early this week.

Terrett pointed out that based on her communication with the issuer, the SEC may notify the issuer of the final submission date for the S-1 form after this round of review, and make it effective within the following 24-48 hours, similar to the approval timeline for Ethereum futures in October last year. At the same time, Charles Gasparino learned from BlackRock that the institution has not yet received any news from the SEC.

2023 December and before

Grayscale writes to the Federal Appeals Court to protest SEC's differential treatment of Bitcoin ETF products

On July 12th, according to an official announcement, Grayscale Investments' lawyer submitted a letter to the US Court of Appeals for the District of Columbia Circuit protesting the Securities and Exchange Commission's (SEC) approval of leveraged Bitcoin futures ETFs while continuing to refuse to approve GBTC and other spot Bitcoin ETFs. Grayscale stated that the SEC's approval of leveraged Bitcoin futures ETFs provides more support for its legal argument that the SEC is acting arbitrarily. Grayscale pointed out that there is no sufficient reason to continue to refuse to approve spot products while allowing leveraged futures products to trade.

Senator Warren Davidson of the United States once again publicly stated that he will legislate to impeach SEC Chairman Gary Gensler.

US Congressman Warren Davidson has proposed the "SEC Stability Act" to the House of Representatives. One of the main provisions of the bill is to restructure the US SEC and dismiss SEC Chairman Gary Gensler.

The proposal has received support from another congressman, Tom Emmer. "American investors and the industry should be subject to clear and consistent supervision, not political games. The 'US SEC Stability Act' will bring sensible reforms to ensure that the primary mission of the US SEC is to protect the investors they are responsible for, rather than catering to the whims of their reckless chairman," said Tom Emmer in a press release.

BlackRock applies for a Bitcoin ETF under high regulatory pressure, why is the crypto community generally pessimistic?On June 16th, BlackRock, one of the world's largest asset management firms, submitted a filing to the US SEC for a physically-backed Bitcoin ETF through its subsidiary iShares, which has garnered significant attention from the English-speaking community. According to the filing, the ETF is named "iShares Bitcoin Trust" and its assets are primarily composed of Bitcoin held by the trustee, with the trustee being held through Coinbase, a cryptocurrency exchange platform.

With the recent huge regulatory pressure from the SEC and the fact that many spot Bitcoin ETFs have not been approved, it is very surprising that the world's largest asset management giant has applied for a Bitcoin ETF. Jake Chervinsky, a practicing lawyer and advisor at Variant Fund, wrote on Twitter: "The SEC has been firmly refusing to approve spot Bitcoin ETFs for many years, and this attitude has become deeply rooted. Knowing the SEC's negative attitude towards this, BlackRock still hopes to list a Bitcoin ETF on Nasdaq. We should all know how important this is, right?"

Grayscale wins SEC lawsuit, new hope for DCG empire behind GBTC?

On August 29th, Grayscale Investments won a crucial lawsuit against the US Securities and Exchange Commission (SEC). The judge of the Washington DC Circuit Court of Appeals ruled that the SEC's decision to approve a Bitcoin futures ETF was valid, while their decision to deny Grayscale's request to convert GBTC to a spot Bitcoin ETF was "arbitrary and capricious".

Grayscale wins lawsuit, what will SEC do next?

The new ruling is the SEC's second recent loss in court regarding its stance on encryption, and a harsh condemnation of SEC Chairman Gary Gensler's crackdown on the encryption industry. Previously reported, the SEC had objected to a federal judge's preliminary ruling on Ripple, which found that Ripple Labs' XRP token was not a security when sold to the public. The market reacted strongly to this news, with Grayscale Bitcoin Trust (GBTC) rising nearly 17% in secondary trading to reach $20.56, and assets under management increasing from $16.2 billion the previous day to $17.4 billion. Bitcoin's 24-hour gain reached 8.3% at one point.

The US SEC delays approval of spot Bitcoin ETF resolutions for companies such as BlackRock and FidelityOn September 1st, the SEC announced that it will delay its decision on seven proposed Bitcoin ETFs. In a separate filing, the regulatory agency stated that the decision deadlines for BlackRock's iShares Bitcoin Trust, Fidelity's Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, and Invesco Galaxy Bitcoin ETF will be extended to October 17th, while the deadline for Valkyrie Bitcoin Fund will be pushed back to October 19th. Additionally, the decision deadline for Bitwise Bitcoin ETP Trust has also been delayed to October 16th.

7 companies' applications for Bitcoin ETF have been delayed by the SEC again, and the hope of approval within the year is slim.

On September 30th, the SEC postponed its decision on VanEck's application for a Bitcoin ETF. On the same day, Bloomberg analyst James Seyffart tweeted that the SEC had also delayed its decision on two Bitcoin ETFs from Fidelity and WisdomTree. Recently, the SEC has postponed decisions on Bitcoin ETF applications from seven companies.

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