SEC Reportedly Overwhelmed with Paperwork as Deadline for Spot Bitcoin ETFs Approach

cryptonews.com:

The Securities and Exchange Commission (SEC) is reportedly swamped with a substantial amount of paperwork as the January 10 deadline for the approval of spot Bitcoin (BTC) ETFs approaches. 

According to Eleanor Terrett, a journalist for FOX Business, a spot Bitcoin ETF approval seems unlikely amid vacations and work overload. 

“While the SEC is surely unpredictable, it would surprise me if approvals were to happen tomorrow,” she said. 

“From what I understand through conversations I’ve had with issuers, the SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on them.” 

Her comments were in response to speculation by crypto expert Scott Melker, who hinted at a potential approval today.

While the @SECGov is surely unpredictable, it would surprise me if approvals were to happen tomorrow.

From what I understand through conversations I’ve had with issuers, the SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on… https://t.co/CnkYdXsbD4

— Eleanor Terrett (@EleanorTerrett) January 1, 2024

Melker had shared the rumor that the first Bitcoin ETF in the United States could be approved as early as January 2. 

However, Terrett compared the situation to the approval process for Ethereum futures in October 2023 and pointed out the tight timeline, considering the recent time off for SEC staff.

“If the SEC follows a similar approval timeline to the ETH futures in October, the agency will, after this round of reviews, communicate to the issuers a date they want the final S-1s to be filed and make them effective in the subsequent 24-48 hours. SEC staff has been off since Friday, so a Tuesday or even a Wednesday approval seems tight,”