The “watershed moment” in cryptocurrency is approaching! on Monday,BlackRock, Ark (ARK) and several other potential issuers of exchange-traded funds (ETFs) investing directly in Bitcoin in the United States have submitted revised application forms to the U.S. Securities and Exchange Commission (SEC). Companies such as Fidelity, Invesco, Galaxy Digital and WisdomTree also submitted modified S-1 documents to the SEC.Regulators have until January 10, local time, to act on at least one of the applications, and cryptocurrency industry insiders speculate that regulators will use this date to announce a series of decisions immediately.


Bitcoin reversed earlier losses and climbed back above $45,000 after news broke that various asset managers had submitted revised documents.


Before the Bitcoin Spot ETF can begin trading, two technical requirements must be met. First, the SEC must sign off on the so-called 19b-4 document filed by the exchange listing the ETF, and second, the regulator must approve the related Form S-1, which is the potential issuer’s application to register.

According to reports,The SEC plans to vote on the 19b-4 filings from the two exchanges in the coming days. Regulators may or may not take action on the issuer's S-1 filing at approximately the same time. If the SEC approves both requirements, the Bitcoin spot ETF could begin trading as early as the next trading day.

An SEC representative earlier declined to comment on the status of the filing.

Cryptocurrency’s “watershed moment”!

Bitcoin supporters say,An ETF backed by the largest crypto token would represent a "watershed moment" for digital currency assets. Billions of dollars of market capital are "ready to move."

Sources revealed that if successfully listed, BlackRock's spot ETF may have an inflow of more than US$2 billion in the first week of listing.

Michael Anderson, co-founder of crypto venture capital firm Framework Ventures, said, “The market still severely underestimates the potential impact of the approval of a Bitcoin ETF.”

Current SEC Chairman Gary Gensler, a Democrat, and his predecessor Jay Clayton have resisted launching such products due to concerns about investor protection issues and the possibility of market manipulation.

However,Since last August, the SEC has been working with crypto asset management company Grayscale Investments.There has been speculation that the regulator will have to acquiesce to the launch of these products since losing a key legal battle.

Market bets that regulators are about to approve Bitcoin trading have pushed the price of Bitcoin soaring by about 160% last year, but it has still not returned to the all-time high set in November 2021, when Bitcoin reached nearly $69,000.

at present,The market's expectations for the imminent approval of the Bitcoin spot ETF are quite high, and a "fee war" broke out in advance among asset management companies.

BlackRock said in a regulatory filing on Monday that it would charge just 0.3% of net assets, with 0.2% charged in the first year until its ETF reaches $5 billion.

In response, ARK lowered the planned fee from 0.8% to 0.25% and said it would waive the fee entirely for the first six months or until $1 billion is reached. Grayscale plans to lower its rate from 2% to 1.5%.