O caminho para a aprovação de fundos negociados em bolsa (ETFs) de Bitcoin tem sido longo e repleto de obstáculos regulatórios, mas uma série de eventos recentes sinaliza uma mudança.
O ponto de viragem nesta trajetória foi a vitória significativa da Grayscale numa batalha legal contra a Securities and Exchange Commission (SEC) dos EUA.
In the DC Court of Appeals, Grayscale won a victory over the SEC. This victory established a precedent whereby the SEC can no longer refuse to approve spot Bitcoin ETFs based on the arguments it had been using until then. Traditionally, the SEC has been reticent to approve Bitcoin spot ETFs due to concerns about market manipulation and investor protection.
A batalha legal da Grayscale e a subsequente decisão judicial não apenas desafiaram a posição anterior da SEC, mas também abriram caminho para que futuros ETFs à vista de Bitcoin tivessem uma chance maior de serem aprovados. Observadores da indústria estimam agora que a probabilidade de um ETF Bitcoin à vista ser aprovado pelo regulador é de cerca de 90%, com prazo iminente definido para 10 de janeiro.
For a spot Bitcoin ETF to be launched, two critical regulatory procedures need to be completed. First, SEC Form 19b-4 needs to be approved. This form is used by Self-Regulatory Organizations (SROs) to register a rule change, which is necessary for the operation of a new ETF.
The second crucial step is approval by the SEC Division of Corporate Finance, a phase that ensures that all technical and legal aspects are in compliance with regulatory standards.
Bloomberg analyst Eric Balchunas notes that even after these approvals, there may be a lag time ranging from a few weeks to months before the ETF is actually released to the market.
According to the latest information provided by Cointelegraph, the SEC has entered its first regulatory window to approve a wave of spot Bitcoin ETFs. If all 12 proposed ETFs are approved, it will represent a change in the accessibility and legitimization of investments in cryptoassets for the common investor and the large-scale financial market.