The financial giants are getting closer to receiving an answer about their spot Bitcoin ETFs applications.
Cryptocurrency spot exchange-traded fund (ETF) proposals from a number of companies have found their way to the Federal Register, further progressing through the United States Securities and Exchange Commission's (SEC) application labyrinth.
Details updated on July 19th show that the Federal Register has been presented with Bitcoin ETF applications from powerhouses, including BlackRock, WisdomTree, Fidelity, VanEck, and Invesco Galaxy.
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As an essential move, the register's publication gives the SEC a chance to either accept or dismiss these submissions, prolong the permitted timeframe, or even open the application for public discourse.
The publication in the Federal Register aligns with the anticipated course of events following the applications' initial submissions in June.
After the SEC deemed the former filings inadequate, the exchanges representing the firms resubmitted applications, identifying crypto giant Coinbase as a collaborative partner for surveillance sharing.
It is worth noting that the SEC has been given a preliminary 45-day window, concluding in early August, to reach a decision. However, the commission can opt to extend this duration by up to 240 days, until March 2024, for final acceptance or rejection of these applications.
So far, the SEC has not given the green light to a spot ETF with direct exposure to cryptocurrencies such as Bitcoin.
While the crypto world awaits SEC's decision on spot Bitcoin ETF, the securities regulator faces criticism from fellow regulators, lawmakers, and the general public over a federal court ruling that suggested that Ripple's XRP token was not a security.
As these applications take a crucial step toward potential SEC approval, the evolution of cryptocurrency ETFs in the United States appears to be gaining momentum. This development illustrates the dynamic yet cautious approach of the regulatory environment to the ever-evolving crypto landscape.
