The trending topic in the crypto space is no longer whether an ETF for Bitcoin (BTC) will be approved, but when it will be approved. This indicates that the approval of an ETF for Bitcoin (BTC) is presently considered imminent.
Nevertheless, fans, investors, and traders alike in the digital currency market may have to be patient for a while longer for this to occur, as the chance of the approval not coming this year is high. Predictions from several sources are suggesting that the approval may come sometime next year.
The SEC Is Yet to Review Their Decision
Maybe, one of the most prominent factors that are contributing to this notion is the issue surrounding the decision of the SEC to review its earlier decision to a Bitcoin (BTC) ETF application filed by the Winklevoss twins. Right now, an ETF approval is deemed imminent, but a lot of people are concerned about the timing.
There Have Been Several ETF Applications
There have a lot of attempts to get the approval of the SEC for Bitcoin (BTC) ETF applications, and the most noticeable ones are the recent applications filed by the Winklevoss twins in March last year and July this year. Nevertheless, the two proposals were rejected by the SEC. More firms have also applied, with varied details and revisions.
On the 5th of August, a report by Michael Graham and Scott Suh from the U.S. Equity Research disclosed that the imminent approval of an ETF for Bitcoin (BTC) was at the top of the agenda for a lot of institutions that wants to break into the new digital currency class. The report stated that the proposal by SolidX and VanEck as one of the numerous proposals awaiting the decision of the SEC.
As for the application filed by SolidX and VanEck, the SEC has scheduled the review date for September, and the chance that this date will change is high. This makes next year a more realistic period for the approval of an ETF for Bitcoin (BTC).
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