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US SEC Likely To Approve Spot Bitcoin ETF In November, Says Valkyrie CIO Steven McClurg – Crypto News

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2 years ago

November 3, 2023

Dripp

Valkyrie Investments’ chief investment officer (CIO) Steven McClurg believes the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF by November end.

The approval of a spot ETF is crucial for the Bitcoin price rally and the crypto market’s bullish momentum.

Valkyrie CIO Says Spot Bitcoin ETF May Come In November

Steven McClurg is confident about a spot Bitcoin ETF approval by the U.S. SEC this year, joining Galaxy Digital CEO Mike Novogratz.

Citing the latest amendments to Valkyrie’s spot Bitcoin ETF application, McClurg said the SEC is likely to issue another series of comments within the next weeks, potentially the approval of 19b-4 rule changes by the end of the month. He also argues that the SEC could wait until January to ask the applicants to put the final touches on their S-1 filings.

“Before anything else happens, we get a second round of comments, and I believe we’ll probably get those comments in the next one to three weeks. A late November approval likely means a February launch.”

Among financial giants BlackRock, Fidelity Investments, VanEck, and Invesco, Valkyrie is also one of the firms in the race to get approval on a spot Bitcoin ETF. The firm manages Valkyrie Bitcoin and Ether Strategy ETF and the Valkyrie Bitcoin Miners ETF, which with a combined asset value of more than $51 million and has an active filing for a spot Bitcoin ETF.

Also Read: US SEC Requests Summary Judgment Against Terra And Do Kwon

ETF Expert Explains Spot Bitcoin ETF Requirements

Nate Geraci, host of ETF Prime said:

” Valkyrie CIO suggests SEC could approve 19b-4s (exchange rule changes) for spot bitcoin ETFs by end of November. And then S-1s (registration statements) early next year. These don’t have to be approved at same time (though need both for ETFs to begin trading).”

The SEC considering issues of market manipulation and custody remains a major question. But that’s fair, as approval will bring massive retail and institutional investments in just a few weeks of the launch.

Meanwhile, the SEC had its first closed meeting of the commissioners on November 2, since the Grayscale appeal deadline expired.

Also Read: Here’s Why Crypto Market And Bitcoin Price Are Falling Today