Several prominent financial services companies held meetings with the SEC over the past week to discuss potential approvals for their proposed Bitcoin ETFs.
According to ETF analyst James Seyffart, BlackRock, the world’s largest asset manager, met with the SEC yesterday for the third time in as many weeks. Investment management firms Franklin Templeton and Fidelity also sat down with regulators last week, while Grayscale Investments had its own meeting the week prior.
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Seyffart noted in a Twitter thread that representatives from both the SEC’s Division of Trading and Markets and the Division of Corporate Finance attended each meeting. The two divisions play instrumental roles in deciding whether to approve or deny proposed rule changes and registration statements for new ETFs.
13 firms wait for a spot Bitcoin ETF approval
In its recent meeting, Fidelity Investments discussed its pending spot bitcoin ETF application. The company also presented the SEC with details on the operational workflows it would implement for the ETF if approved.
With the SEC reviewing a growing fleet of bitcoin ETF applications from Fidelity, BlackRock, Grayscale, and others, anticipation continues to build around a potential imminent approval. The prospect of the first-spot bitcoin ETF has already helped propel crypto prices higher. In anticipation, Bitcoin surged above $44,000 recently. However, the price has now dipped to $40,900.
Thirteen firms now await the SEC’s ruling on their proposed bitcoin funds. Thus far, the regulatory agency has consistently rejected or delayed decisions on spot bitcoin ETFs due to various reasons. The flurry of meetings signals growing momentum and mounting pressure on the SEC to finally give the green light to a spot bitcoin ETF in the U.S.