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Cathie Wood Foresees Potential SEC Approval for Bitcoin ETFs in Early 2024

Renowned Ark Invest CEO Cathie Wood has hinted at the probability of the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin (BTC) exchange-traded funds (ETFs) as early as January 10, 2024.

Expressing optimism about the SEC’s potential decision, Wood highlighted that the January date signifies not just a deadline for ETF applicants but a pivotal timeline for the regulator itself.

“We’re committed to ensuring that any uncertainties the SEC might have are addressed. Our interactions with the SEC have been positive, addressing their queries in a transparent manner,” stated Cathie Wood in an interview with CNBC.

Wood also commended 21Shares, describing the firm as a leading provider of cryptocurrency exchange products, emphasizing a positive partnership dynamic.

Touching upon Bitcoin’s outlook, Wood forecasted significant growth for the asset in 2024, emphasizing its role as a robust hedge against inflation and economic instability.

The mention of January 10, 2024, in the context of spot Bitcoin ETF approvals isn’t new. It aligns as an interim deadline for the Ark Invest/21Shares application. Speculation among experts suggests the possibility of multiple applications receiving SEC approval by this date. Additionally, the regulator has set a filing amendments deadline for December 29, 2023.

SEC Chairman Gary Gensler previously indicated that the Commission is reviewing between 8 to 12 Bitcoin ETF applications. Notably, representatives from the crypto industry have engaged in multiple meetings with the SEC in November and December, indicating ongoing dialogue and engagement regarding ETF approval.

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