In response to news that "X platform user Pleddito disclosed that Compound CEO JSON requested the SEC to reject BlackRock's Bitcoin ETF in a comment letter," JSON responded that this was not his behavior, but rather someone used his work email. He accused the submission process of having problems and lacking verification.

The SEC has postponed its decision on whether to approve or reject proposals for two bitcoin ETFs, the Franklin Bitcoin ETF and the Hashdex Bitcoin Futures ETF. Bloomberg ETF Analyst James Seyffart has suggested that the SEC may be preparing to approve a batch of bitcoin ETFs in early January by delaying decisions until now. The SEC has requested public comments on issues such as the potential for manipulation of the funds and underlying bitcoin markets. The final decision on whether to approve or reject the proposed rule change will be made by January 1, 2024, and interested parties have 21 days to submit initial comments to the SEC.

Despite the approval of a Bitcoin spot ETF, the Chicago Mercantile Exchange (CME) is still expected to remain the top choice for traditional finance investors. The CME has seen a significant increase in Bitcoin futures trading over the past year, surpassing even Binance. While the launch of a spot ETF may bring institutional money into the sector, it is unlikely to reduce activity in the futures market. In fact, futures trading is expected to expand alongside the growth of spot ETFs, as institutional investors will likely use futures to hedge their positions. The futures market also benefits from clearer regulation compared to the regulatory ambiguity surrounding the crypto spot market.

According to a report from CoinGecko, there are only 8 countries worldwide where spot Bitcoin exchange-traded funds (ETFs) are registered: Canada, Germany, Brazil, and Australia, as well as tax havens Jersey, Liechtenstein, Guernsey, and the Cayman Islands. This means that if the US Securities and Exchange Commission (SEC) approves the application for a spot Bitcoin ETF, the US could become the ninth country to register a spot Bitcoin ETF. Currently, Canada has the most spot Bitcoin ETFs with 7, totaling $2 billion in assets. This represents 48.2% of the $4.16 billion in spot Bitcoin ETF assets worldwide. Another leading country is Germany, which has only one spot Bitcoin ETF with total assets of $802.52 million.

On November 26th, the official website of the US Securities and Exchange Commission (SEC) disclosed two memorandums.One memorandum shows that on November 20th Eastern Time, the SEC discussed the proposed rule changes for the listing and trading of Grayscale Bitcoin Trust ETF with Grayscale.<br>The other memorandum shows that on the same day, the SEC held a meeting with BlackRock, the world's largest asset management company, to discuss proposed rule changes for the listing and trading of iShares Bitcoin Trust ETF. The memorandum shows two ETF redemption methods: In-Kind Redemption Model or In-Cash Redemption Model. In-Kind Redemption Model means that the final redemption is the Bitcoin shares held by the ETF, while In-Cash Redemption replaces Bitcoin shares with equivalent cash. Bloomberg ETF analyst James Seyffart tweeted that BlackRock seems to prefer the former. <br>

According to a report published by Glassnode researchers on November 20th, a surge in demand could challenge the relatively limited supply of Bitcoin (BTC) and potentially increase volatility. The blockchain data company's research indicates a significant suppressed demand for spot Bitcoin ETF products. Analysts estimate that stock, bond, and gold investors need only allocate a small portion of their assets to inject up to $70.5 billion into the market. Even more conservative predictions suggest that there could be billions of dollars flowing into the market in the initial years.

Ark 21Shares has submitted the 3rd amendment to the prospectus for its Bitcoin ETF.

On November 20th, with the participation of well-known traditional financial institutions such as BlackRock, Fidelity, and Invesco, the Bitcoin spot ETF market may develop into a huge market worth 100 billion US dollars, according to Bloomberg Intelligence.<br>According to an insider, earlier this month, Galaxy Digital was working with Invesco and held a conference call with about 300 investment professionals to discuss the allocation of Bitcoin as the Bitcoin spot ETF debut approaches.

As FTX showed, operators in digital asset markets need to improve corporate governance standards. Here are the key components as the industry readies for another possible bull run.

Bloomberg analyst James Seyffart stated on X platform that WisdomTree has submitted a revised prospectus (S-1 document) for its physically-backed Bitcoin ETF.