The Clock Starts for SEC Approval of Spot-Bitcoin ETF Applications

The U.S. Securities and Exchange Commission (SEC) has officially initiated the review process for spot-bitcoin exchange-traded fund (ETF) applications. The publication of the eight applicants in the Federal Register has set the clock ticking for SEC approval. This article explores the significance of this development and highlights the potential implications for the cryptocurrency market.

Spot-Bitcoin ETF Applications Listed in the Federal Register

The clock for SEC approval of spot-bitcoin ETF applications has begun following the listing of all eight applicants in the Federal Register. While the regulator had previously sought public consultations through published documents, the official review process only commences with the filing’s publication in the register. This milestone was reached on Tuesday, marking an important step in the path to potential ETF approval.

The Role of the Federal Register

The Federal Register serves as the daily gazette of the U.S. government, encompassing a range of critical information including executive orders, federal agency regulations, proposed agency rules, and other legally required publications. For spot-bitcoin ETF applications, being listed in the Federal Register signals their formal consideration and triggers the countdown for SEC decision-making.

The Eight Applicants

The following are the eight applicants whose spot-bitcoin ETF filings have been listed in the Federal Register:

  1. BlackRock’s iShares ETF filed on Nasdaq
  2. Bitwise’s Bitcoin ETP Trust filed on NYSE Arca
  3. Fidelity’s Wise Origin Bitcoin Trust filed on the Chicago Board Options Exchange (Cboe)
  4. WisdomTree Bitcoin Trust filed on Cboe
  5. VanEck Bitcoin Strategy ETF filed on Cboe
  6. Invesco Galaxy Bitcoin ETF filed on Cboe
  7. ProShares Bitcoin Strategy ETF filed on Cboe
  8. Valkyrie Bitcoin Strategy ETF filed on Cboe

The inclusion of BlackRock, an industry giant, has sparked speculation about the likelihood of SEC approval, although there are no guarantees for any of the applications.

The SEC Review Timeline

Upon publication in the Federal Register, the SEC has a maximum of 45 days to evaluate the filings and make a ruling. The Commission may either grant approval or choose to extend the review period. It is crucial to note that the clock has now started for the Bitwise Bitcoin ETP Trust filing, as confirmed by Bitwise Chief Investment Officer Matt Hougan.

Potential Implications and Market Speculation

While there are no certainties regarding SEC approval, BlackRock’s involvement in the application process has generated significant market speculation. If the SEC were to grant approval to a spot-bitcoin ETF, it could have far-reaching implications for the cryptocurrency market, potentially attracting more institutional investors and increasing mainstream adoption.

The inclusion of diverse applicants across prominent exchanges, such as Nasdaq, NYSE Arca, and Cboe, demonstrates the growing interest in providing regulated investment products for cryptocurrencies. The approval of a spot-bitcoin ETF would signify a significant milestone in the maturation of the digital asset ecosystem, further blurring the lines between traditional finance and the emerging realm of cryptocurrencies.

Conclusion

With the clock now ticking for SEC approval, the listing of spot-bitcoin ETF applications in the Federal Register sets the stage for a potentially transformative event in the cryptocurrency market. While the outcome remains uncertain, the inclusion of industry giants and diverse applicants suggests a growing acceptance of cryptocurrencies within the financial landscape. Market participants and enthusiasts eagerly await the SEC’s decision, as it could pave the way for increased institutional participation and broader adoption of digital assets.

For more articles visit: Cryptotechnews24

Source: coindesk.com

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