The United States Securities and Exchange Commission (SEC) has initiated the acceptance of filings by exchanges, marking a significant step toward the potential approval of spot Bitcoin exchange-traded funds (ETFs). Amendments under the 19b-4 rule have been filed for spot BTC ETF applications from various asset managers, including BlackRock, Valkyrie, Grayscale, Bitwise, Hashdex, ARK 21Shares, Invesco Galaxy, Fidelity, Franklin Templeton, VanEck, and WisdomTree. Many of these companies have also submitted S-1 amendments with the SEC.
Speculation is rising about the approval of spot Bitcoin ETFs, with experts suggesting that the final approval may occur before the January 10 deadline for an offering from ARK Invest and 21Shares. Despite this optimism, a survey conducted by ETF issuer Bitwise reveals that only 39% of U.S.-based financial advisers believe a Bitcoin ETF will be approved in the current year. However, a majority of advisers anticipate eventual approval, with 22% expecting it in 2025, 24% predicting approval after 2025, and 2% anticipating approval in 2023. When combined, 87% of surveyed advisers believe that a Bitcoin ETF will be approved at some point, while 12% are skeptical and answered “never.”
Dennis Kelleher, CEO of the nonprofit organization Better Markets, has expressed concerns about the potential approval, urging the SEC not to proceed with a spot Bitcoin ETF. Kelleher argues that such an approval contradicts the core principles of the regulatory body and could expose investors to significant risks of fraud in a market tainted by manipulation. He characterizes the approval of spot Bitcoin ETFs as a possible “historic mistake.” the acceptance of filings
U.S. Supreme Court Chief Justice John Roberts, in his end-of-year report for the Supreme Court, emphasized the anticipated substantial impact of artificial intelligence (AI) on legal work. Roberts, in his annual summary, singled out AI as a key focus in his personal statement. He confidently predicted the enduring presence of judges while expressing equal confidence in the significant influence of AI on judicial work, especially at the trial level. Roberts underscored that the changes brought about by AI would not only affect how judges perform their duties but also deepen their understanding of AI’s role in the cases they handle. He noted that as AI technology evolves, courts will need to carefully consider its appropriate applications in litigation.