The SEC has set the deadline for spot Bitcoin ETFs to December 29, with the first wave of approvals expected in January

ChainCatcher news, the SEC has set a strict deadline of December 29 for companies hoping to launch exchange-traded funds (ETFs) linked to the spot price of Bitcoin.

SEC officials stated in a recent meeting with issuers that the SEC plans to start approving ETF applications in early January. Any company that misses the deadline will not be included in the initial batch expected to receive approval in early January 2024.

The final submissions from these companies are expected to involve comprehensive details, including technical specifications, fee structures, and the initial financing strategies for these ETFs. ARK and 21Shares have been transparent about their proposed fees, setting the fee for their collaborative ETF at 0.80%. The industry is eagerly awaiting the decision on the upcoming ARK and 21Shares joint ETF proposal, which is due on January 10 of next year.