The US Securities and Exchange Commission (SEC) has taken a significant step towards approving the first-ever Spot Bitcoin Exchange-Traded Fund (ETF) in the country.
According to a report by Watcher Guru, the regulatory process for the approval of spot Bitcoin ETFs officially began on Wednesday, after eight applicants were listed in the Federal Register, including BlackRock, Fidelity, BitWise, WidsomTree, VanEck, Invesco, Proshares and Valkyrie.
Bitcoin ETF Applicants Listed on Federal Register
The SEC’s approval calendar begins after the filings are published in the Federal Register, which triggers the overall review process for the applications.
The Federal Register is a daily publication of the US government that includes executive orders, regulations, agency rules, and other documents that must be published by law.
Moving the eight applicants for a Spot Bitcoin ETF to the Federal Register means that their applications have been officially recognized and published by the US government.
This move is a necessary step in the process for the applicants, as it indicates that their applications have been received and are being considered by the SEC.
However, it is important to note that being listed on the Federal Register does not guarantee approval of the applications. The SEC will still need to conduct a thorough review of each application and determine whether to approve or reject it based on various factors, including investor protection and market manipulation concerns.
Nevertheless, this move by the SEC is significant, as it marks a departure from the regulator’s historical rejection of Bitcoin ETF applications. The inclusion of major traditional financial entities such as BlackRock and Fidelity has led many to predict that the SEC could approve the creation of a Spot Bitcoin ETF.
It is worth noting that the applicants have made significant progress towards receiving approval from both the SEC and the US government. It should be emphasized that the review process can be lengthy and complex, and ultimately, the decision to approve or reject the applications lies solely with the SEC.
Featured image from Unsplash, chart from TradingView.com