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Leading firms such as BlackRock, VanEck, Fidelity, WisdomTree, and Invesco Galaxy are inching closer to potential Bitcoin ETF approval in the United States. The Federal Register, the official journal of the U.S. government, now carries their applications. This move pushes them further down the pipeline of the United States Securities and Exchange Commission's (SEC) procedures.
Dated July 19, the Federal Register now holds the proposed rule changes for Bitcoin ETF applications from these top-tier companies. This publication opens up an avenue for the SEC to green-light or veto these applications, increase the decision-making duration, or even solicit public opinion on the matter.
Earlier in June, these exchanges, speaking on behalf of the respective firms, had submitted the applications. After the SEC found the previous filings inadequate, they submitted revised applications which featured cryptocurrency giant Coinbase as a surveillance-sharing ally.
The SEC’s trajectory on these applications will be closely watched. Currently, there is a 45-day decision window, which extends to early August. However, the SEC holds the power to stretch this period up to 240 days, pushing the final verdict to March 2024.
Prior to these, Bitwise had its application listed in the Federal Register on July 18, while Valkyrie’s application is anticipated to be published on July 21. Despite these developments, the SEC has yet to approve a direct-exposure cryptocurrency spot investment. The commission began allowing Bitcoin futures-linked ETFs in 2021. A noteworthy development in this arena was the Volatility Shares Trust launching a leveraged Bitcoin futures ETF in June.
The SEC’s approach to cryptocurrency regulation has attracted attention and criticism from regulators, lawmakers, and the public. Factors like the federal court's ruling that XRP token is not a security and SEC Chair Gary Gensler’s regulation-by-enforcement action strategy have fueled this scrutiny. Crypto platforms Binance and Coinbase have been on the receiving end of SEC lawsuits this year.
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