In a significant stride towards the potential approval of Spot Bitcoin Exchange-Traded Funds (ETFs) in the United States, applicants have overcome a pivotal hurdle, marking a crucial milestone in their quest for regulatory approval from the U.S. Securities and Exchange Commission (SEC).

As reported by Bloomberg, the applicants seeking approval for the eagerly anticipated spot Bitcoin ETFs have successfully navigated a critical stage in their regulatory journey. Sources close to the matter revealed that the applicants have addressed and resolved key concerns raised by the SEC, signaling progress in addressing the regulatory queries central to the approval process.

“Securities and Exchange Commission staff told several exchanges and issuers seeking to list the ETFs that they should submit a final version of a key document as soon as Friday, according to four people familiar with the matter who asked not to be named because the discussions are private,” Bloomberg reported. “The staff had no additional feedback on the paperwork for several of the firms after the latest amendments, two of the people said.”

The clearance of this significant hurdle indicates that the applicants have finished addressing regulatory concerns and aligning their proposals with the SEC’s guidelines. The successful resolution of these issues bodes well for the prospects of the spot Bitcoin ETFs, potentially paving the way for their introduction into traditional financial markets.

Applicants are seemingly getting closer to obtaining SEC approval, potentially marking a significant milestone in the integration of Bitcoin into conventional investment avenues through regulated ETFs. The deadline for ARK 21Shares spot Bitcoin ETF application is January 10, leaving the SEC only just a few more days to approve or deny the funds.