Multiple spot bitcoin exchange-traded fund (ETF) applications have been published in the Federal Register, moving them closer to potential approval by the Securities and Exchange Commission (SEC).
The ETF applications published include those from major financial firms BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree. Publishing in the Federal Register starts the countdown clock for the SEC to make a decision within 240 days.
This follows amended filings last month naming crypto firm Coinbase as a surveillance-sharing partner. The SEC reportedly wanted more transparency on surveillance in the filings.
To date, no spot ETFs with direct bitcoin exposure have been approved. The SEC has allowed bitcoin futures ETFs since 2021. A leveraged bitcoin futures ETF also launched in June.
Publication in the Federal Register has been an expected next step after the initial ETF filings in June. It begins the official process for potential approval.
The SEC faces mounting pressure around crypto regulation amid recent developments. A court ruled XRP is not a security, contrary to the SEC’s view. Meanwhile, Chair Gary Gensler continues an aggressive enforcement approach.
Approval of a spot bitcoin ETF would be a major milestone. But the SEC still has until March 2024 to make a final decision on these applications. The initial window is only 45 days.
Investors are eager for a spot bitcoin ETF approval after years of rejections. The applications put the SEC on the clock. But whether any are ultimately approved remains uncertain.
The crypto industry will watch closely as the SEC weighs these spot bitcoin ETF applications now formally published and under review. The years-long ETF saga continues.
This article is based on the original news published on Cointelegraph.
Disclaimer: This news article is for informational purposes only and does not constitute financial or legal advice. It is important to conduct through research and consult with professionals before engaging in any investment or financial activities.
