As the deadline for the spot Bitcoin exchange-traded fund (ETF) approaches on January 10, the United States Securities and Exchange Commission (SEC) is reportedly swamped with paperwork.
Despite the imminent deadline, BlackRock, an asset management firm vying for approval of a Bitcoin ETF, reports not having heard from the US regulator.
SEC Faces Growing Workload as Bitcoin ETF Decision Approaches
According to a recent report from Fox Business’ Charles Gasparino, BlackRock has not received any communication from the US regulator. This suggests substantial pending work before a decision is reached in just a few days.
“People at BlackRock say it’s radio silence from SEC, Eleanor Terrett’s sources say the amount of paper work the SEC still needs to go through make the announcement likely toward week’s end.”
Terrett further comments that with the New Year holidays and time off for US SEC officials, potential Bitcoin ETF approvals in the next couple of days may face challenges.
“SEC staff has been off since Friday so a Tuesday or even a Wednesday approval seems tight. But we shall see,” Terrett stated.
At the time of publication, Bitcoin’s price stands at $44,324.
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Author: Ciaran Lyons
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