The digital currency space has long been waiting for an exchange-traded fund for Bitcoin (BTC). The United States Securities and Exchange Commission rejected a lot of Bitcoin (BTC) ETF applications last year. The regulatory agency gave a wide range of reasons for the rejection. However, more emphases were laid on the price manipulation of Bitcoin (BTC) on digital currency trading platforms.
However, while the SEC rejected many Bitcoin ETF proposals last year, the regulatory agency promised to review some of them this year. At the moment, some firms have started a countdown to the verdict of their Bitcoin (BTC) exchange-traded fund applications. The U.S. SEC may make an initial verdict on not one, but two different proposals for a Bitcoin (BTC) exchange-traded funds on the 5th of April.
VanEck, CBOE, and SolidX Bitcoin (BTC) ETF Proposals Will Be Officially Registered Today
A proposal for Bitcoin (BTC) exchange-traded fund filed by SolidX, CBOE BZX Exchange, and VanEck is expected to be officially entered into the Federal Register today. This will initiate the initial 45 days close approval, extension, or rejection. This is the second time these firms are submitting this proposal. The application was first published on the official website of the SEC on the 13th of February.
After the official publication of the proposal, the general public will have a period of three weeks, starting from the 20th of this month to 13th of next month, to file their initial responses to it. After which, the SEC will have another three weeks, from March 13 to April 5, to come to a conclusion or extend the date of its final verdict.
At the time of writing, the proposal has not been published officially because it is still in the Public Inspection section of the website of the Federal Register. As the present page notes, only official editions of the Federal Register provides judicial notice to the courts and legal notice to the public, while the latest version of the application says that it’s scheduled to be published on Wednesday.
The proposal of VanEck and SolidX will join one submitted by NYSE Arca and Bitwise Investment Management, which was formally registered in the Federal Register on the 15th of February. This means the SEC has until the 1st of April to decide on the proposal or extend the date of the verdict.
VanEck and SolidX filed for a Bitcoin (BTC) exchange-traded fund last year, and many expected it to be the first proposal to be given a green light by the U.S SEC. Nevertheless, they withdrew the application during the longest U.S. government shutdown in history and filed again at the end of January.
If giving a green light, a Bitcoin (BTC) exchange-traded fund could bring new liquidity into a Bitcoin (BTC) market that is beginning to show signs of recovery. Nevertheless, it is important to note that the U.S. SEC can give itself up to three extensions. This means it could still take months before they can make a final verdict on either ETFs.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently trading at $3,998 after an increase of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $68.52 billion and its trading volume over the past twenty-four hours is $5.58 billion.