In short

• James Seyffart stresses that the new Bitcoin ETF filings are fundamentally protections enlistment and not demonstrative of endorsement.
• Loyalty Ventures’ SEC recording prompted web-based disarray, with theorists deciphering it as endorsement for its spot Bitcoin ETF.
• The expectation is grounded in the impending cutoff time for the US SEC to make a conclusive decision on a spot Bitcoin ETF.

The crypto local area has been mixed with disarray and hypothesis over the new Bitcoin trade exchanged store (ETF) filings with the US Protections and Trade Commission.

“My comprehension here is that this is only a protections enlistment. To list the ETF actually needs a 19b-4 endorsement and they need a compelling/supported/finished S-1 report,” James Seyffart expressed.

Bitcoin ETF Filings Cause Confusion in Crypto Community

Loyalty Ventures’ documenting with the US SEC ignited disarray among online examiners. Albeit some interpreted it as a sign of endorsement for its spot Bitcoin ETF, investigators quickly invalidated such cases.

The recording states “an application for posting of the Portions of the Trust has been documented with and endorsed by Cboe BZX Trade.”

Bloomberg ETF expert James Seyffart tended to the news on X (previously Twitter). At first reluctant, he planned to explain what is happening and forestall the spread of misleading hypotheses:

“Won’t utter a word however saw a few takes about this importance its as of now endorsed and around 5,000 inquiries.”

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Crypto Enthusiasts Optimistic About Prospective US SEC Approval

The cutoff time for the US SEC to support the spot Bitcoin ETF is just days away on January 10.

Moreover, the energy is obvious, with financial backers on the decentralized forecast stage Polymarket wagering on this result.

In the meantime, approval is expected on January 15, 2024, with a probability of 88 percent. as confirmed by the exchanging cost of the “Yes” portions of the significant agreement.

Notwithstanding, the 88% likelihood denotes a huge increment from the half opportunity assessed only a month prior. There is some basis for the growing optimism. A new report uncovered the SEC was ready to inform the 14 candidates of spot Bitcoin ETFs about their endorsement status.

This news has sent waves through the crypto market, with Bitcoin’s worth taking off 55% since early October.