Multiple spot crypto ETF applications head to Federal Register toward SEC approval

Several companies spot bitcoin (BTC) exchange-traded fund applications have been published on the Federal Register, taking them a step further in the United States Securities and Exchange Commission (SEC) process.

According to records from the Federal Register updated on July 19 Received Notice of proposed rule changes allowing BTC exchange-traded fund (ETF) applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree. Publishing the application in the Official Journal of the U.S. Government gives the SEC the opportunity to accept or reject the request, extend the time allowed, or open the application to public comment.

Update: Not much though… as predicted and expected #bitcoin All ETF applications reached the Federal Register today.

BlackRock, VanEck, WisdomTree, Fidelity, and Invesco/Galaxy. pic.twitter.com/B9C1oF3yhQ

— James Seyffert (@JSeyff) 19 July 2023

The publication in the Federal Register was an expected step following the initial filing of the applications in June. The exchanges representing the firms filed amended applications naming crypto firm Coinbase as a surveillance-sharing partner after the SEC reported the previous filing was insufficient.

The 5 application follows one from Bitwise published in The Register on July 18, with an expected spot BTC ETF application from Valkyrie on July 21. These dates give the SEC an initial window of 45 days – until early August – to reach a decision, but the commission has the option of extending the process for final approval or disapproval by up to 240 days – until March 2024.

Connected: Grayscale Lawyers Urge SEC to Allow Volatility Shares Investment Vehicle for ETF

To date, the SEC has not approved a spot investment vehicle with direct exposure to cryptocurrencies such as BTC, but is beginning to allow ETFs linked to BTC futures starting in 2021. In June, Volatility Shares Trust launched a leveraged bitcoin futures ETF, one of the first. Its like in USA.

The SEC is under scrutiny from fellow regulators, lawmakers and members of the public amid a federal court ruling that suggested the XRP token is not a security, and a continuing policy of regulation by enforcement actions from Chairman Gary Gensler. . Both Binance and Coinbase, among others, have been targets of lawsuits by the SEC in 2023.

magazine: SEC calls ETF filing insufficient, Binance loses euro partner and other news: Hodler’s Digest, June 25 – July 1