Industry executives have said discussions between the US Securities and Exchange Commission (SEC) and asset managers seeking to list bitcoin ETFs have reached technical details, suggesting the agency may soon approve the products.

Thirteen companies, including Grayscale Investments, BlackRock, Invesco, and ARK Investments, have applied for bitcoin ETFs with the SEC.

Proponents argue that a regulated product like an ETF connected to the cryptocurrency spot price is the best way to invest in bitcoin, but the agency has long rejected such goods as lacking investor protections.

The advanced negotiations suggest the SEC may approve ARK’s application and some of the other 12 in the New Year. The SEC must decide on ARK’s first-in-line filing by Jan. 10.