Prominent pro-crypto Fox Business journalist Eleanor Terrett has voiced skepticism about the prevailing outlook that the U.S. regulator could authorize a Bitcoin spot ETF early this week of the new year.
Terrett’s insights built on a tweet suggesting that the U.S. Securities and Exchange Commission (SEC) could approve a Bitcoin spot ETF on January 2.
The Fox Business reporter argued that while the SEC’s actions are unpredictable, it would be incredible if the endorsement were to happen, as the rumor suggested.
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
Why the Chance for Early Approval is Low
Countering the speculation, Terrett highlighted the need for the SEC to review changes to the registration statement submitted last Thursday and Friday. This view is based on conversations she had with issuers.
According to Terrett’s sources, the SEC typically communicates a date for the final S-1 filings to be made effective after a thorough review process.
Recall that the SEC gave intending Bitcoin ETF issuers a deadline of December 29 to make ultimate amendments to their registrations.
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In other words, following this review phase, the SEC is expected to inform ETF issuers of a definitive timeline for filing Form S-1, with the effectiveness expected within the next 24-48 hours.
This timeline is reminiscent of the process observed for Ethereum futures ETF approval.
Furthermore, Terrett highlighted that SEC employees have been off duty since Friday due to the Christmas and New Year holiday festivities. This adds to the skepticism surrounding an early approval of the Bitcoin spot ETF.
More specifically, the Fox journalist contended that expecting approval on January 2 and 3 appears demanding given the present circumstances.
Despite acknowledging the uncertainties, Terrett noted the possibility of a positive surprise. Also, she remains optimistic that authorization for a cryptocurrency spot ETF will materialize within the next two weeks.
“The next two weeks will be exciting for crypto,” she submitted.