ARK Invest founder Cathie Wood stated that the spot Bitcoin ETF will soon "become a reality in the United States".
Cathie Wood commented on the discussions with the SEC regarding Bitcoin ETF applications and revealed the SEC's attitude towards Bitcoin ETFs.
According to her, the regulator is paying great attention to the smallest details of the applications and intends to clarify all the unclear matters of the reporting of exchange-traded funds, CoinGape reported.
Cathie Wood explained in an interview that the Commission's representatives asked detailed and technical questions during the discussions that took place. Although the SEC had previously denied approval of spot ETFs and pushed back the timeline for reviewing applications, the regulator now wants to clarify all points.
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In addition to the core questions, the Commission asked a number of follow-up questions, which is an encouraging signal and indicates plans to establish clear reporting forms. Blackrock and Grayscale have had the most discussions with the SEC to clarify the details of spot BTC ETF filings.
Cathie Wood sees the extended discussions with the SEC seeking answers on BTC ETFs as a positive sign, and the filing companies, in turn, don't want the SEC to be left with any questions or uncertainties.
"We don't want the SEC to have any uncertainties, so we are answering the SEC's questions one by one, and the dialogues are very positive."
The director of ARK Invest explained that the prospects for approval of the spot Bitcoin ETF have increased significantly. She expressed a strong belief that there will be approval of applications already in January 2024. However, the chances of early approval of these applications before the end of 2023 are minimal due to the large number of issues that arise in the deliberations.
Cathie Wood believes that the approval of spot ETFs will give institutional investors the green light to participate directly in Bitcoin trading.
However, traders are assessing how the cryptocurrency markets may react if the SEC lives up to expectations and approves the first U.S. ETFs. The price of BTC remains largely unchanged at $42,000, while traders and investors are confident of a significant price spike in 2024 due to both the approval of Bitcoin ETFs and the impending halving of Bitcoin in the second quarter of 2024.
The market is almost entirely confident that the U.S. Securities and Exchange Commission will approve spot Bitcoin ETFs before January 10th. Nick Carter, founder of Castle Island Management LLC, thinks so. He said that ETFs will expand the crypto investor base in the medium term.
See also: China banned an illegal banking operation with cryptocurrency for $2.2 billion.